Minnesota small businesses can apply for low-interest financing of up to $200,000 from the Minnesota Inclusive Growth Fund (MIGF). The Fund is designed to increase access to flexible and affordable capital and small business support services for underbanked businesses across Minnesota that have suffered a direct economic disruption as a result of COVID-19 or civil unrest.
Proceeds can be used for capital expenditures, building acquisition, equipment, working capital, payroll, operating and emergency maintenance, utilities, rent, supplies, etc. No specific collateral is required to be eligible.
Created by a group of five Minnesota-based small business support organizations — collectively called the Catalyst Coalition — MIGF places an emphasis on long-term recovery, growth, and businesses in low-to-moderate income or underbanked communities. MIGF is designed to equip community small businesses and mission-driven small business lenders with the support required to meet the unique rebuilding and recovery needs of the communities they serve.
The Fund offers two types of loans for small businesses that employ 20 or fewer employees or had less than $3 million in revenue in 2019. One loan is for businesses seeking working capital and another is for growth-stage businesses seeking financing for capital expenditures.
“We encourage Minnesota small businesses impacted by the COVID-19 pandemic or civil unrest to visit mngrowthfund.com and apply now,” said Anisha Murphy, Esq., director of community advancement for Community Reinvestment Fund, USA.
Five mission-driven business support organizations are originating loans purchased by the Fund, including African Economic Development Solutions (AEDS), Community Reinvestment Fund, USA (CRF), Latino Economic Development Center (LEDC), Metropolitan Economic Development Association (MEDA), and Northside Economic Opportunity Network (NEON).
MIGF, which aims to raise $25 million, was made possible in part through initial support from Allina Health, Bush Foundation, Margaret A. Cargill Philanthropies, McKnight Foundation, Otto Bremer Trust, Target Foundation, and Wells Fargo.
For more information and to apply, visit: www.mngrowthfund.com