Minnesota to offer loans for small businesses who need jumpstart loans

(St. Paul, MN) -- Minnesota is looking to help small businesses get more access to capital that can help them grow.  

Governor Walz joined other state officials yesterday to announce the start of the Expanding Opportunity Fund. The $10 million dollar program is designed to support small businesses that might not qualify for other funding due to a lack of established credit or equity.  Minnesota's Department of Employment and Economic Development will provide the low-interest loans for small businesses. 

“Small businesses are foundational to Minnesota’s economic ecosystem – they’re at the heart of our communities, our workforce, and our state’s economy,” said Governor Walz. “This program will make it easier for small businesses to access loans that are critical for their growth and long-term success and help us build a thriving state economy.”

The Department of Employment and Economic Development is currently accepting applications for the program. You can apply by clicking here.