The Entrepreneur Development program ensures that resources needed are available to foster an attitude of economic independence through the creation of successful small businesses.
- Provide appropriate levels of financing for individuals otherwise denied access to small amounts of capital
- Create an environment of entrepreneurial activity as a stimulant for overall growth throughout the region
- Provide access to Entrepreneur Development services throughout the twelve county region of Northwest Minnesota
- Ensure a program that fosters innovation, effectiveness, efficiency and is result-oriented
The Entrepreneur Development Program creates business opportunities leading to long-term community impact and diversification of the economy. NMF staff provides technical assistance and financing to individuals who want to start a business or persons wanting to expand an existing business.
- Retail, service, manufacturing and other business types are generally eligible.
- Loan funds can be used for equipment, inventory, working capital and to refinance business debt.
- Real estate purchases are not eligible. Light renovations may be eligible.
- The maximum loan amount is $35,000. Loans up to $50,000 available on a case by case basis.
- Loan terms can be up to six years.
- The current interest rate is 6.5%, fixed for the term.
- All loans must have collateral and are typically subordinate to a lead bank (if involved).
The entire Entrepreneur Development application process may require four to six weeks from the time an application is received until the loan is closed.
Because each business lending situation is unique, NMF requests that applicants email Emma to assist with the process.
Click here to submit a financing inquiry form.
Click here to download the loan application.
After financing is made, technical assistance continues with bookkeeping and accounting assistance, marketing strategy, and management and operations strategy. Specialized needs can also be met through other consultants and specialized training programs.
NMF is an Equal Opportunity Provider and Employer. Funding partners include the McKnight Foundation, The Minnesota Department of Employment and Economic Development, U.S. Small Business Administration, USDA Rural Development, Wells Fargo Diverse Community Capital Program and other funders.
Frequently Asked Questions
There are very limited grant funds available to businesses. The grants that are available are not typically related to the business itself, but through a social service program that is helping someone work toward being self-supporting. These grants are typically limited in use and in dollar amount.