Minnesota Reservist and Veteran Business 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; and recently separated veterans to start veteran-owned small businesses. Note: the program was formerly known as the Military Reservist Economic Injury Loan Program prior to an amendment by the 2010 Legislature.

Customers and Services
For business economic injury loans, 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. 

For veteran start-up business loans, an eligible veteran must have been on active duty on or after 9/11/2001, have been honorably discharged after serving at least 181 consecutive days of service, and be starting a veteran-owned small business.

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

More DEED measures: Uniform Program Accountability Measures

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 2011.