ST. PAUL – The Minnesota Department of Employment and Economic Development (DEED) is seeking applications from nonprofit groups to serve as certified lenders under the agency’s new Minnesota Emerging Entrepreneur Program. The program will provide loans to new and existing businesses owned by people of color, low-income people, women, veterans and people with disabilities. 

 

“These loans will help Minnesotans from communities that have historically struggled to access capital get the resources they need to start or grow businesses,” said Lt. Governor Tina Smith. “Expanding economic opportunities for communities of color, women, veterans and people with disabilities is essential to building an economy that works for everyone, everywhere in Minnesota. I encourage all eligible nonprofits to apply.”

 

“These funds are designed to unlock the creative energy of entrepreneurs across our great state. For people who dare to dream, the program makes the impossible possible regardless of where they live,” said DEED Commissioner Shawntera Hardy. “The Emerging Entrepreneur Program serves as a catalyst for keeping our economy strong, particularly in low-income areas. This is a critical investment that will provide businesses access to capital.” 

 

The Minnesota Emerging Entrepreneur Program is part of $35 million in funding that was signed into law by Gov. Mark Dayton in June to break down barriers to training, career pathways and entrepreneurship in the state. The goal of the funding is to create a more equitable Minnesota where all demographic groups have an opportunity to succeed.

 

For the Minnesota Emerging Entrepreneur Program, DEED is requesting applications from nonprofit groups that can lend program funds to targeted businesses. Funds will be disbursed on a project-by-project basis after the DEED commissioner has reviewed and approved loan recommendations submitted by lenders. 

 

Businesses located in low-income areas of Minnesota will be given highest priority. All loans must be matched by funding from other sources. 

 

The Emerging Entrepreneur Program expands on an earlier DEED program called the Urban Initiative Loan Program, which targeted low-income neighborhoods in the Twin Cities. The legislation that created the Emerging Entrepreneur Program can be seen at HF 2749, Article 7, Section 37. 

 

Groups interested in serving as lenders have until 4 p.m. on Friday, Sept. 30, to submit applications to DEED. More details about the program and application materials are available here on the DEED website.

 

 

Workshops on how to apply to be certified lenders will be held at the following locations this month: 

 

Aug. 22 

1 to 3 p.m. 

Brainerd Lakes Area Economic Development Corp. 

CTC Room 

224 W. Washington St., Brainerd 

 

Aug. 23 

1 to 3 p.m. 

Intergovernmental Center 

Minnesota River Room 

10 Civic Center Plaza, Mankato

 

1 to 3 p.m. 

DEED 

Minnesota Room 

332 Minnesota St., Suite E200, St. Paul 

 

The times and locations of the workshops are subject to change so attendees should confirm times and locations by visiting DEED’s calendar or by contacting Bob Isaacson, Bob.Isaacson@state.mn.us or 651-259-7458. The DEED calendar will display any additional workshops that are scheduled.