Are you a current or potential entrepreneur in Anoka County looking for a reliable source of financing to help your business grow? The Growth Loan Fund (GLF) is here to help. This program, part of the State Small Business Credit Initiative, provides low-interest loans to early-stage businesses in Minnesota. Thanks to a partnership between the County and the Metropolitan Community Developers Consortium (MCCD), business owners can access the Open to Business program and get personalized advice from a business advisor. The loan payments will start in the fourth year, with 50% of the loan principal repaid by the end of the 7-year term.
The funds can be used for an eligible business purpose, such as start-up costs, working capital, equipment, inventory, services used in the production of goods or services, or improvements for tenants. Companies must participate or commit to participating in technological innovation in Minnesota to be eligible for this program. The Governor's Office of Small Business Assistance works with partners to make it easier for small businesses to access capital. The USDA provides financial support and technical assistance to stimulate rural business creation and growth.
Open to Business advisors can help entrepreneurs identify loan needs and access funding options. For companies focused on research and development, programs funding innovative research for small businesses and technology transfer for small businesses may be of interest. The Small Business Handbook provides a comprehensive overview of business planning, registration, requirements, and funding. The Small Business Product Development and Incubation Fund (PDSBI) is a program that provides long-term asset-backed loans to product development companies, specifically in the manufacturing sector.
