The City of St. Louis Park is committed to assisting the establishment, growth and expansion of local businesses. If your business is located in St. Louis Park, the following programs and resources are available to you.
For information about business financing programs offered by the city, visit City Programs.
Open to Business Lending
The Open to Business Lending program provides free business advisory services to St. Louis Park businesses and residents. It's offered through a partnership between the City of St. Louis Park and the Metropolitan Consortium of Community Developers (MCCD). The following loan products are provided by MCCD:
- Loans for New and Emerging Businesses: Direct loans aimed for a variety of businesses purposes, including inventory, working capital, asset and equipment purchases, and start-up costs.
- Loans for Second Stage and Growing Businesses: Loans greater than $50,000 are targeted at businesses that have been operating for several years and need financing to grow.
- Gap Financing for Real Estate: Loans in partnership with private lenders to provide gap financing for real estate acquisition projects.
Other Small Business Financial Resources
These organizations provide financial assistance to businesses in the Twin Cities area:
- African Development Center (ADC)
ADC provides training, technical assistance and commercial financing to Minnesota entrepreneurs.
- Asian Economic Development Association (AEDA)
AEDA works with business owners to start and grow their businesses by providing business planning, training and workshops, and loans.
- CMDC Business Financing
CMDC assists businesses with their business financing needs. They promote economic development by cultivating a financing environment that allows Minnesota small businesses to grow and prosper. To fulfill this mission, CMDC provides business loans and financing services to businesses and bank lenders.
- DEED-Department of Employment and Economic Development (DEED)
Whether it’s to startup, operate or expand, DEED has business financing programs designed to help companies retain jobs, and create new high-quality jobs.
- 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 (MBFC)
MBFC is a private not-for-profit that originates SBA 504 loans for small businesses across Minnesota.
- Minnesota Trade Office (Department of Employment and Economic Development)
Export Assistance for Small Business (STEP). The STEP program provides financial and technical assistance to qualifying Minnesota small businesses with an active interest in exporting products or services to foreign markets.
- Metropolitan Economic Development Association (MEDA)
MEDA offers working capital loans to customers that need financing which might not be available through traditional lending resources.
- Neighborhood Development Center (NDC)
NDC is a non-profit, community development financial institution that provides flexible, risk tolerant loans, Sharia-compliant financing and other financial tools for start-ups and existing businesses.
- 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 is a nonprofit certified development company dedicated to helping Minnesota small businesses obtain financing for job creation or business expansion. SPEDCO provides long-term, fixed-rate loans through the SBA 504 Loan program and 7(a) loan packaging consulting services.
- St. Paul Port Authority
St. Paul Port Authority provides business capital needed for metro area companies to expand, contributes to equipment financing, or provides advice on getting local lenders to serve a company's needs. The Trillion BTU Energy Efficiency Loan Program is a revolving loan program offered through the St. Paul Port Authority that leverages public and private money to help Twin Cities businesses make improvements to lower their energy costs.
WomenVenture is a U.S. Small Business Administration loan provider offering loans up to $50,000 to qualified borrowers to launch or grow small businesses.
- 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.