Minnesota Reservist and Veteran Business Loan Program – Minnesota Department of Employment and Economic Development

Minnesota Department of Employment and Economic Development
332 Minnesota Street, Suite E-200
Saint Paul
Minnesota
55101

The Minnesota Reservist and Veteran Business Loan Program provides business loans to companies that are affected when certain employees are called to active military duty and to individual veterans who have returned from active duty and want to start their own business. Business Loans These loans are for existing small businesses that have an essential employee called to active service in the military reserves for 180 days or longer, causing a substantial economic injury to the business due to the employee’s absence. Start Up Business Loans These loans are for recently service separated veterans seeking financial assistance to start their own small businesses. Financing and Terms Both types of loans provide one-time, interest-free loans of $5,000 to $20,000. The loan terms are 54 months, with no repayment for the first 18 months and equal monthly payments over the remaining 36 months. The financing comes from the program’s revolving loan fund, which has a total of $400,000 available. Applications are accepted and loans disbursed until all funds are committed.