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Find similar grantsCommunity Wealth-Building Loan Program is sponsored by Minnesota Department of Employment and Economic Development (DEED). Offers low-interest loans to community businesses at least 51% owned by Black, Indigenous, People of Color, immigrants, low-income individuals, women, veterans, or persons with disabilities.
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Community Wealth Building Program / Minnesota Department of Employment and Economic Development Safeguarding tax dollars is our priority: Report suspicious activity .
Community Wealth Building Program The Community Wealth-Building Loan Program makes low-interest loans to community businesses that are at least 51% owned by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities. This program was created by the 2023 Minnesota legislature. Applications for this program are currently being accepted by our partner organization.
DEED provides funding to a partner organization, specifically the Metropolitan Consortium of Community Developers (MCCD), to make loans to community businesses. To assist in the formation and growth of shared ownership and community businesses, MCCD also provides specialized technical and legal assistance either directly or through a partnership to help businesses become loan ready.
A community business is either: An employee-owned business, or Each of these must be at least 51% owned, cumulatively, by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities. A Partner Organization must be a community development financial institution or a nonprofit corporation.
In this case the legislature has designated the Metropolitan Consortium of Community Developers (MCCD) as the partner organization/lender.
Community Wealth-Building loans can: Not charge an interest rate higher that the Wall Street Journal prime rate Be subject to a loan origination fee of no more than 1% at the lender's discretion The Partner Organization has authority to determine the specific interest rate, collateral requirements, and other terms of each loan. The state's share of a Community Wealth-Building loan can be no less than $10,000 and no more than $500,000.
Factors that the Partner Organization considers when evaluating a loan application include, in part: Whether a project would be unlikely to be undertaken unless a loan is made under the program Whether a business is located in the lowest income areas Whether the project encourages tax-base revitalization, private investment, job creation for targeted groups, creation and strengthening of business enterprises, assistance to displaced businesses, and promotion of economic development in low-income areas Applications to receive no-cost business support and loans are accepted through our partner organization, MCCD.
Contact Electra Skrzydlewski, Director of Shared Ownership, at 612-814-0758 or by email eskrzydlewski@mccdmn. org . Metropolitan Consortium of Community Developers 3137 Chicago Avenue South Contact Lori Hanson, at 651-259-7823 or lori.
hanson@state. mn. us .
According to the current listing, eligibility includes: Community businesses in Minnesota that are cooperatives, employee-owned, or commercial land trusts, with at least 51% ownership by specified groups. Confirm the full requirements in the official notice before applying.
Community Wealth-Building Loan Program 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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