Military Reservist Economic Injury Loan Program

Purpose
This program provides loans to small businesses that suffer substantial economic injury because an essential employee has been called to service in the military reserves for 180 days or longer. Note: the 2010 Legislature amended the legislation governing this program. The program has been renamed as the Military Reservist and Veteran Business Loan Program; the name change will be reflected in the next reporting cycle.

Customers and Services
An eligible business must be a for-profit business that is not an affiliate or subsidiary of a business dominant in its field of operations and have either 20 or fewer full-time employees, or have had less than $1 million in annual gross revenue in the preceding fiscal year, or have had less than $2.5 million in annual gross revenue in the preceding fiscal year if the business is a technical or professional service. The business must be operating in Minnesota on the date that one or more essential employees received orders for active service of 180 days or more and be sustaining or likely to sustain suffering substantial economic injury. 

Measures - Reporting period is state fiscal year (SFY), July 1 - June 30

Funding Source and Expenditure (in thousands)

Statutory Authority
-- Minn. Stat., Chap. 116J.996

Contact Information
Bob Isaacson, Director 
Phone: 651.259.7458 or toll-free: 800.657.3858; TTY: 651.296.3900

This information current as of December 2010.