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The Minnesota Department of Employment and Economic Development announced that it has selected CMDC as a lending partner for the Minnesota Emerging Entrepreneur Loan Program (ELP).
ELP supports the growth of businesses owned and operated by people who identify as Black, Indigenous, People of Color (BIPOC), low-income persons, women, veterans and/or persons with disabilities. The program helps ensure that business owners from populations who’ve historically faced barriers to accessing capital are able to get funds to start and grow their business.
“Now more than ever, the Emerging Entrepreneur Loan Program is a great platform to empower the growth of small businesses that might not otherwise have access to capital,” said DEED Commissioner Steve Grove. “Our economic recovery must create jobs in communities hardest hit by the pandemic, and that’s exactly what these entrepreneurs will do.” CMDC was chosen as a lender for the program because of its proven record of successful ELP lending and outreach performance.
ELP Loans can be used by eligible businesses to finance a variety of start-up and expansion costs. Find more information about the ELP here.