Small Business Finance Assistance

updated: Tuesday, May 15, 2012

 

Test drive your business idea for free 

On the fourth Monday of each month, starting August 22nd, test drive your business idea during a 15-minute consultation, available between 9 a.m. and 11 a.m. at St. Louis Park City Hall.

Thinking about starting a new business or expanding an existing one? Here’s a chance to test drive your idea with a business advisor—for free!

As part of its Open to Business Program, the City of St. Louis Park is collaborating with the Metropolitan Consortium of Community Developers (MCCD) to provide one-on-one counseling with a business advisor. This is an opportunity to help prospective and existing entrepreneurs with planning and organizing their business ideas, financial management, marketing, regulatory compliance and/or leasing/purchasing property. Additionally, a small business loan program can help entrepreneurs access the capital they need to start or grow their business. 
 
To be eligible for the free services you must live or work in St. Louis Park; the business does not need to be located in the city. 

15-minute walk-in meetings are available on the fourth Monday of each month from 9:00 am to 11:00 pm at St. Louis Park City Hall. 30-minute consultations are also available by appointment. Due to the Memorial Day holiday on May 28th, the Test Drive Your Business Idea open consultations will be held on Tuesday, May 29th from 9am-11am at
St. Louis Park City Hall.

For more information call Rob Smolund at MCCD at 612.789.7337, ext. 11.


Construction Assistance Program
In April 2010 the State of Minnesota Jobs Bill was signed.  Its primary objective was to stimulate economic development and jobs creation.  Pursuant to the newly enacted Jobs Bill the City of St. Louis Park established the Construction Assistance Program, with the goal of spurring the immediate construction, expansion, or rehabilitation of commercial, industrial, or mixed use buildings within the City so as to create or retain local jobs. 

The Construction Assistance Program will provide reimbursements for qualified construction activities.  Such assistance would be provided as a deferrable loan to reimburse up to a third of eligible project costs.  Applications would only be considered for private construction projects requiring between $20,000 and $500,000 in Construction Assistance.  Construction projects will be evaluated on a case-by-case basis and must begin before July 1, 2012, and be finished by December 1, 2012.  For more information click on the link below.
Construction Assistance Program Handout



Minneapolis Consortium of Community Developers (MCCD)-Small Business Loan Program
MCCD small business program helps new and early stage businesses access the capital and the technical assistance they need to grow and prosper.  It also provide the advise, counseling and technical assistance


Minnesota's Angel Tax Credit
Minnesota's Angel Tax Credit gives high-tech startups and businesses with new proprietary technology a financial lift by helping them attract crucial private capital. 


Minnesota Business Finance Corporation
Minnesota Business Finance Corporation (MBFC) is a private not-for-profit organization licensed by the U.S. Small Business Administration as a Certified Development Company (CDC).  Since 1983, MBFC has been originating SBA 504 loans for small businesses across Minnesota. 


Minnesota Community Capital Fund (MCCF)
The Minnesota Community Capital Fund (MCCF), a nonprofit corporation, provides local communities and economic development agencies with the opportunity to participate in an innovative economic development financing organization.  MCCF is a bank participation loan fund that leverages millions of dollars in underutilized local economic development funds through the pooling of resources.  The fund allows participating members to significantly leverage their investment and provide greater lending flexibility for community and economic development projects.


Small Business Administration (SBA)-Financial Assistance
SBA provides a number of financial assistance programs for small businesses including 7(a), 504 and disaster assistance loans.  They have been specifically designed to meet a business’s key financing needs including the need for debt financing (loans), equity financing (investment/seed money), and surety bonds. 


SPEDCO
SPEDCO is a nonprofit certified development company dedicated to helping Minnesota small businesses obtain financing for job creation or business expansion. As a registered agent of the SBA since 1981, SPEDCO is certified to provide long-term, fixed-rate loans through the SBA 504 Loan program and 7(a) loan packaging consulting services to banks and their customers.


Twin Cities Metro
Twin Cities Metro is a nonprofit certified development company that stimulates the growth of small businesses by providing access to SBA loan programs.  It partners with business owners and financial institutions throughout Minnesota.

 

 

 

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