Newly returned military veterans may be eligible for interest-free small business loans under a new program.
The loan initiative -- called The Minnesota Reservist and Veteran Business Loan Program -- targets loans up to $20,000 to newly returned veterans.
The interest-free loans must be paid back in 54 months, with no payments due for the first 18 months. DEED spokeswoman Kirsten Morell says the loans will help veterans reintegrate back into civilian life.
To qualify, the small businesses must be independent -- not affiliates or subsidiaries of another business -- and have 20 or fewer full-time employees and earn less than 1 million dollars in annual gross revenue.
DEED spokeswoman Kirsten Morell says the loan terms are generous.
"It's interest free for a small business start up there is no repayment in the first 18 months and then there are equal monthly payments for the remaining three years so it's a total of four-and-a-half years."
The program offers loans up to $20,000 for eligible veterans.