Microbusiness Loan Program (Brooklyn Park Development Corporation)

Microbusiness Loan Program (Brooklyn Park Development Corporation) is sponsored by Brooklyn Park Development Corporation. The Microbusiness Loan is a Brooklyn Park Development Corporation (BPDC) program designed to provide resources to budding businesses. Eligible businesses can receive loans from $1,000 to $10,000 with a 2% interest rate and a maximum term of 5 years with no prepayment penalty.

Brooklyn Park Development Corporation - Brooklyn Park Brooklyn Park Development Corporation The Brooklyn Park Development Corporation was established in the early 1990s as a general partner to the City’s Economic Development Authority (EDA). BPDC was established as a mechanism to provide financial resources to small businesses in the City through low-interest loans and innovative financial programs.

Its Board is comprised of two representatives from a financial institution/background, two business representatives, one community member, one member of the City Council, and one member of the EDA. This group is responsible for the creation, implementation, and oversight of multiple small business loan programs including a Real-estate and Equipment Loan, Commercial Code Correction Loan, and two Microbusiness Loan funds.

Currently, the BPDC has over 40 active loans and two active contracts with loan servicers. BPDC strives to be innovative and creative in an effort to advance its business support programming while being mindful of the many ways race, equity, and inclusion must be centered to ensure fair and impactful programming goals are achieved.

A similar commitment to innovation and creativity must be demonstrated by any firm seeking to represent the BPDC. Members of the BPDC board of directors are volunteers and are appointed by the Brooklyn Park City Council for a two-year term.

Member Role Term Ends Christian Ericksen City Council Representative December 2026 Amanda Xiong Economic Development Authority Representative December 2026 Jeff Hable Financial Institution Representative June 2027 Rin Larson Financial Institution Representative (Treasurer) April 2027 Paula Weakly Resident Representative (Secretary) April 2027 Brian Wentz Large Business Representative (President) April 2027 Edna McKenzie Small Business Representative April 2027 The board meets at City Hall on a quarterly-basis throughout the year.

The meetings are held at 8:30 a. m. and last one to two hours.

Gary Winter (Legal Counsel) Saolia Tucker, Business Development Coordinator (Staff Liaison) Malcolm Hicks, Economic Development and Housing Director (Staff Liaison) Josephine Thao, Project Facilitator (Staff Liaison) Commercial Code Correction Program Loan Amount: Loan amounts from $1,000 to $25,000.

The City can consider loans larger than $25,000 on a case-by-case basis with approval from the Brooklyn Park Development Corporation Amortization Type: Monthly payment is required. Loan Term: Up to 15 years. Interest Rate: 2% fixed interest rate Match Amount : any commercial business or property with a correction order must match at least 10% of the loan amount.

Match can include equity or other, non-City financing sources View the complete program and eligibility guide > The Microbusiness Loan is a new Brooklyn Park Development Corporation (BPDC) program designed to provide resources to budding businesses. Eligible businesses can receive loans from $1,000 to $10,000 with a 2% interest rate and maximum term is 5 years with no prepayment penalty.

This program can help businesses fund critical projects and build business credit and payment history which is critical when seeking larger investments in the future. The BPDC has partnered with Stearns Bank to grant up to 40 businesses a microbusiness loan.

These loans are part of a local economic development initiative that recognizes a gap in bank financing for a large segment of Brooklyn Park’s small business community and seeks to reduce the barriers that exist.

Learn more about Stearns Bank > Employee-related expenses Technology updates: Hardware, Software, Subscription-based IT-related services View the complete program and eligibility guide > Applications opened on December 4, 2024 and will be accepted on a rolling basis. If you have any questions, email MBLoans@brooklynpark. org .

Real Estate & Equipment Loan The Real estate and Equipment loan is designed to leverage other financing resources for fixed assets/purchases. 25,000-$300,000. For loans over $100,000, At least 50% of the project financing must come from a private lender or another source.

Although these do not need the 50% bank match, they may require greater equity commitment from the loan recipient, as determined by the underwriting process.

Loan amounts of $25,000 to $300,000 The project must be for a “for-profit” business located in Brooklyn Park Eligible loans are project dependent and include fixed assets and money for acquisition The loan interest rate is fixed at market rate Loan terms are equal to the life of the asset At least 50% of the project financing must come from a private lender or another source View the complete program and eligibility guide > Interested in Serving on The BPDC Board?

Candidates must be a resident of Brooklyn Park . Business Development Coordinator saolia. tucker@brooklynpark.

org Scam alert: Fake emails and texts imitating DVS.