Minnesota Reservist and Veteran
Business Loan Program
Application Process
This program is NOT accepting applications at this time, as all funds have been lent.
Our Business Loans and Startup Business Loan programs have separate criteria and application forms. Read carefully to ensure that you're downloading the application form that's right for you.
Business Loan Criteria and Application
DEED uses these criteria when determining whether an applicant is eligible for a loan:
- Is the applicant an eligible business?
- Is the employee essential?
- Is the business sustaining or likely to sustain an economic harm?
- How likely is the applicant to repay the loan?
- How likely is it that the loan will help the business prevent, remedy, or relieve the substantial economic injury shown by the applicant?
Download the Minnesota Reservist and Veteran Business Loan Application and follow the instructions for submission.
Start Up Business Loan Criteria and Application
DEED uses these criteria when determining whether an applicant is eligible for a loan:
- Is the applicant a recently separated honorably discharged veteran?
- Is the business a qualifying small business?
- Does the applicant have a sound business plan?
- How likely is the applicant to repay the loan?
Download the Minnesota Reservist and Veteran Start Up Business Application and follow the instructions for submission.
Process for Evaluating and Approving Loans
Business owners and recently separated veterans apply for the program’s loan through the Department of Employment and Economic Development.
Generally, the entire process from application to the disbursement of the loan takes four to six weeks.
Once the loans are approved:
- DEED and applicant execute a loan agreement
- DEED and applicant execute a promissory note
- Applicant/owner provides personal guaranty of repayment
- Applicant/owner provides other security that may be required by DEED
For More Information
Contact Jeff Nelson at 651-259-7523 or email Jeff.M.Nelson@state.mn.us