Urban Initiative Loan Program

Purpose
This program primarily assists minority-owned and -operated businesses and others that will create jobs in low-income areas of the Twin Cities.

Customers and Services
Eligible applicants are minority-owned and other businesses creating jobs for low-income people in Minneapolis, St. Paul, Anoka, Blaine, Bloomington, Brooklyn Center, Brooklyn Park, Columbia Heights, Crystal, Fridley, Hopkins, Lauderdale, Lexington, New Hope, Osseo, Richfield, South St. Paul, Spring Lake Park, St. Anthony, St. Francis, St. Louis Park, and West St. Paul.

DEED has entered into partnerships with several local nonprofit organizations, which then provide loans (with final authorization by DEED's commissioner) and technical assistance to start-up and expanding businesses. Projects must demonstrate potential to create jobs for low-income people; be unable to obtain sufficient capital from traditional private lenders; and demonstrate the potential to succeed. Start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition are eligible projects.

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

Funding Source and Expenditure (in thousands)

Statutory Authority
-- Minn. Stat., Chap. 116M

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.