As a special thank you to those who have honorably served our country, CMDC is proud to announce a financing initiative for veterans interested in starting or expanding their businesses. It is called the Minnesota Emerging Entrepreneur Loan Program (EELP). This financing program supports the growth of companies owned by veterans with special funds for loans to start up and expand veteran-owned businesses throughout the state.
The program will finance various start-up and expansion costs, including normal expenses such as machinery and equipment, inventory, receivables, working capital, new construction, renovation, and site acquisition. Financing of existing debt is not permitted.
Businesses eligible for loans include, but are not limited to, technologically innovative industries, value-added manufacturing, and information industries.
CMDC’s share of an EELP loan can range from a minimum of $5,000 to a maximum of $150,000 per project, with funds matched at least 1:1 by new private financing. Beginning microenterprises, including retail businesses, may apply for $5,000 to $35,000 throughout the state and $5,000 to $50,000 in low-income areas without private matching funds.
If you are interested, please apply directly with CMDC.