Minnesota Indian Business Loan Program

Purpose
This program supports the development of Indian-owned and -operated businesses and promotes economic opportunities for Native American people throughout Minnesota.

Customers and Services
Eligible applicants must be enrolled members of a federally recognized Minnesota-based band or tribe. Each band or tribe is allocated funds from the Indian Business Loan Fund, based on the number of enrolled members. DEED administers the program and services the loans, while the appropriate tribal council approves loan applications.

Businesses may be located anywhere in the state, although most of the loans are made to businesses on a reservation. Eligible projects include start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition.

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

*Applications received in SFY 2008 were withdrawn or not approved. Six previous loans were combined and restructured into three loans.

Funding Source and Expenditure (in thousands)

Statutory Authority
-- Minn. Stat., Chap. 116J.64

Contact Information
Bart Bevins, Loan Officer
Phone: 651.259.7424 or toll-free: 800.657.3858; Fax: 651.296.5287; TTY: 651.296.3900

This information current as of January 2010.