New DEED Pilot Program Offers Interest-Free Loans for Startups
June 25, 2018
Minnesota Innovation Loans for Entrepreneurs accepting loan applications through July 16
The Minnesota Department of Employment and Economic Development (DEED) is accepting loan applications through a new program designed to help early-stage businesses that are developing high-tech products or services in Minnesota.
Minnesota Innovation Loans for Entrepreneurs (MILE) is a pilot program that will provide interest-free loans ranging from $20,000 to $50,000. Businesses approved for loans under the program must have a 1-to-1 match from another funder and repay the loan within four years, with no payments required in the first year. The program is an initiative of the Minnesota Investment Fund.
“MILE will encourage the growth and sustainability of startups throughout the state,” said DEED Commissioner Shawntera Hardy. “The program will assist startups through the next ‘mile’ of their evolution, which is critical to the creation of quality jobs and sometimes the survival of the business.”
MILE funding may be used for working capital, intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities as approved by DEED.