Join our facebook group, too!
The Community Planning and Economic Development Department (CPED) is offering loan guarantees to help small businesses weather current market conditions.
The Working Capital Guarantee Program is designed to help small businesses secure financing through private banking institutions. A private lender funds the loan, and the City of Minneapolis (CPED) guarantees a portion of the financing up to 80% of the first $50,000 and up to 50% of the remainder. Although there is no limit to the amount of financing provided by the bank, the City’s maximum guarantee is $75,000.
Loans cannot be used to refinance existing business or personal loans, but may be used for:
- General business operations
- Working capital
- Production contracts