Overview
The Minnesota Emerging Entrepreneur Loan Program (ELP) supports the growth of businesses owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities. DEED provides grant funds to a network of nonprofit lenders which use these funds for loans to startup and expanding businesses throughout the state.
The program has additional goals of providing jobs for minority and/or low-income persons, creating and strengthening minority business enterprises, and promoting economic development in low-income areas.
Activity and outcomes for the program’s most recent year are described in the ELP Annual Report.
Program Requirements
DEED provides ELP funding to certified nonprofit partners to make loans to Minnesota businesses that are majority-owned and operated by minorities, low-income persons, women, veterans and/or persons with disabilities.
Businesses must apply directly with a certified lender, although DEED may be able to assist in identifying an appropriate lender. Once the lender approves the loan, they will forward the loan package to DEED for approval by the commissioner and disbursement of funds for the project.
Certified Partners
There are a number of nonprofit lending partners participating in ELP. These organizations serve different communities and areas of the state. They may have additional limitations, including loan size available and target populations served.