State Small Business Credit Initiative (Minnesota)
Last modified on February 12, 2015.
|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|
|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 Substantive Modification
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.
|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|