New Minn. small-business fund to provide $250K interest-free loans
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A new state program will provide interest-free loan money for small businesses, Dayton administration officials said today.
Business with 500 or fewer employees are eligible for the $6.7 million "Angel Loan Fund," will provide seven-year loans of up to $250,000, said Katie Clark Sieben, commissioner of the state Department of Employment and Economic Development.
"In today's competitive business environment and tight credit environment it's crucial we maintain our commitment to growing small businesses in Minnesota," Sieben said. "They are the lifeblood of our economy and spur thousands of new jobs each year. This fund will continue to grow jobs across our state and leverage additional private investment now and in the years to come."
Made possible with federal money, the fund is intended to complement the state's "Angel Tax Credit" program, Sieben said.
Since it was launched in the summer of 2010, that program has provided more than $137 million in tax credits to small businesses throughout Minnesota, state officials say.
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