State Small Business Credit Initiative (Minnesota)

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Last modified on February 12, 2015.

EZFeed Policy

Place Minnesota


   

Name State Small Business Credit Initiative (Minnesota)
Policy Category Financial Incentive
Policy Type Loan Program
Affected Technologies Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wave Energy, Wind energy
Active Policy Yes

Implementing Sector State/Province



























Program Administrator Positively Minnesota Department of Employment and Economic Development
Primary Website http://mn.gov/deed/business/financing-business/deed-programs/ssbci.jsp



Last Review 2014-07-18
Last Substantive Modification
to Summary
2014-07-18


Summary

The State Small Business Credit Initiative (SSBCI) uses federal funding to stimulate private-sector lending and improve access to capital for small businesses and manufacturers that are credit worthy but not getting loans they need to expand and create jobs.

The initiative allocates up to $15.4 million into three state programs:

- The Capital Access Program
- Emerging Entrepreneurs Fund
- Small Business Loan Guarantees

And for businesses certified to participate in the Angel Tax Credit Program:

- Angel Fund Loan Program

With a goal of attracting $10 of private investment for each federal dollar invested, the SSBCI is expected to spur more than $150 million in lending to small businesses statewide and fuel the creation of more than 3,000 new jobs in Minnesota.



Policy Contact

Contact Name Bart Bevins
Department Department of Employment and Economic Development
Division Business and Community Development
Address 1st National Bank Building
Address 2 332 Minnesota Street, Suite E-200
Place St. Paul, Minnesota
Zip/Postal Code 55101-1351
Phone 651-259-7424
Phone 2 800-657-3858

Email Bart.bevins@state.mn.us
Website http://www.positivelyminnesota.com/Contact_Us/DEED_Headquarters/index.aspx
     
     


















References