ST. PAUL, Minn. (AP) — Minnesota has a new loan fund for start-up businesses that offers them up to $250,000 in interest-free help.
Gov. Mark Dayton and his top economic development official described the Angel Loan Fund on Thursday. It is a supplement to a tax credit that is meant to incentivize private investment in companies just getting off the ground.
Entrepreneurs with Minnesota-based businesses and fewer than 500 employees can tap into the $6.7 million loan fund to help with equipment purchases, construction and other needs. They don’t have to pay it back for seven years, when a balloon payment comes due.
Department of Employment and Economic Development Commissioner Katie Clark Sieben says the goal is to have businesses attract private investment of $10 for every public dollar put in.