Skip to main content.

State Incentives

Emerging Entrepreneur Loan Program

Overview

The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. DEED provides grant funds to a network of nonprofit lenders which use these funds for loans to start-up and expanding businesses throughout the state.

The program has additional goals of providing jobs for minority and/or low-income persons, creating and strengthening minority business enterprises, and promoting economic development in low-income areas.

Program Requirements

DEED provides ELP funding to certified nonprofit partners to make loans to Minnesota businesses that are majority-owned and operated by minoritieslow-income persons, women, veterans and/or persons with disabilities. Businesses must apply directly with a certified lender, although DEED may be able to assist in identifying an appropriate lender. Once the lender approves the loan, they will forward the loan package to DEED for approval by the commissioner and disbursement of funds for the project.

Certified Partners

There are a number of nonprofit lending partners participating in ELP. These organizations serve different communities and areas of the state. They may have additional limitations, including loan size available and target populations served.

Category: MN State Programs

More MN State Programs

Minnesota's Angel Loan Fund Program (ALF) provides an additional funding option for businesses certified to participate in Minnesota's Angel Tax Credit Program. Overview The program provides a direct loan for 10 percent of the total amount of equity investment received in the business' approved funding round. Only on... Learn More
The Minnesota 21st Century Fund makes loans or equity investments in innovative mineral, steel, or other industry processing, production, manufacturing, or technology projects located in the taconite relief tax area. The fund may also make grants to municipalities or counties for public infrastructure to suppor... Learn More
Overview Funds are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships and recognized Indian tribal governments are eligible for this fund. Before You Apply Use this checklist to determine if your project may be eligible for MIF financing. You must meet AL... Learn More
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or makin... Learn More
Overview Our Tourism Business Septic Tank Replacement Program makes low-interest financing available to existing tourism-related businesses that provide overnight lodging and need to replace a failed septic system. Participation loans in cooperation with financial institutions can be made for up to 50 percent of the total cos... Learn More
Fast Fact Image

TCDC RLF funds provide additional access to capital for new and emerging small businesses where traditional sources of funding are unavailable or limited.  Strong consideration is given to value added agricultural manufacturing, technology, commercial/industrial and product manufacturing businesses that retain or create quality jobs.