Minnesota small businesses -- both current and future -- are about to get a shot in the arm in the form of $97M in Federal grant money.
Here’s Five Fast Facts about the DEED grants:
- 📋 Let’s Get Small - For clarification: three out of four people in the state work in or for a small business. And before you ask, the government defines small businesses by a combination of revenue and employees and those definitions are VERY vague. So this money will help a lot of employers.
- ☑️ Smaller and Smaller - We’ve been approved for that money that allows the Department of Employment and Economic Development (DEED) to distribute it to programs that will help finance and encourage small businesses across the state.
- 📚 All the Small Things- DEED will launch six programs with the cash. Most of them allow businesses to access funding through loans.
- 🚀 Small Town Boy - The first program has already launched. It gives enrolled lenders guaranteed up to 80% of the principal on loans to eligible businesses. Basically it makes small business loans less risky for the banks.
- 🌐 Small Doses - DEED also just launched a website that includes resources, webinars, guidance and a comprehensive list of DEED programs to help you get things rolling.
🔥Bottom line: If you’re looking to start a small business, your ideal moment is here. These programs make it very easy for someone to navigate the immensely (some might say purposefully) difficult process involved with becoming a business owner. If you’re interested, don’t wait around. Our state legislature is really bad when it comes to figuring out how to allocate large amounts of money.
Do you own a small business?
By the way, we've got your election info hookup right here:
