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Find similar grantsAutomation Loan Participation Program (ALPP) is sponsored by Minnesota Department of Employment and Economic Development (DEED). This program helps manufacturers invest in automation and technology. DEED purchases a portion of the loan to reduce lender risk.
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DEED Business Financing Programs State Small Business Credit Initiative Automation Loan Participation Program Automation Loan Participation Program The Automation Loan Participation Program (ALPP) is part of the State Small Business Credit Initiative (SSBCI) funding from the U.S. Department of the Treasury and is subject to SSBCI rules.
Through ALPP, DEED makes companion loans intended to fill gap financing needs for businesses purchasing machinery, equipment, or software to increase productivity and automation. Eligible borrowers include manufacturing, distribution, technology and warehousing businesses located in Minnesota. Eligible industries are evaluated based on NAICS codes and do not include businesses whose primary activity is Retail Trade or Transportation.
The program targets businesses with fewer than 500 employees. Loans are made in conjunction with private financing from a lead lender, typically a bank. Private financing will ideally be five times the amount of the requested DEED loan and is required to be at least equal to the DEED loan.
Both loans must be used for qualified automation expenses as defined in the FAQs. Loans may be up to $500,000 with 1% interest on a 5 to 7-year term. Application is made jointly by the business and the lead lender.
If you have eligibility or other questions about the program, you may email the SSBCI Unit team at AutomationLoan. DEED@state. mn.
us or call Tiffany Fettig at 651-259-7446. Loan Terms Businesses Lead Lender FAQs Companion loans from DEED should be matched 5:1 by private financing and must be matched at least 1:1. Both the ALPP loan and the private financing must be used for machinery, equipment or software to increase productivity and automation.
Equity contributions from the business or owners do not qualify as private financing.
Regardless of the terms of the other private financing, the ALPP loan will have the following terms: Loan amount up to $500,000 The term will be 5 to 7 years based on the life of the asset Payments may be deferred up to 12 months; deferral period determined by DEED If requested by lead lender, DEED can take a subordinate position on collateral Additional considerations: The loan may not be for the same purpose as any federally guaranteed private financing, including SBA 7(a) and SBA 504 loans, being used for the project.
The machinery, equipment or software the business will purchase totals less than $20 million and the combined private financing and ALPP loan total less than $5 million. The lead lender and DEED will each originate separate loans to the business and repayments will be due to each according to the terms of the loans.
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According to the current listing, eligibility includes: Small manufacturers in Minnesota. Confirm the full requirements in the official notice before applying.
Automation Loan Participation Program (ALPP) is funded by Minnesota Department of Employment and Economic Development (DEED). Verify program details on the funder's official page before applying.
This opportunity targets applicants in Minnesota. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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