New Program Offers Interest-Free Loans for Startups

The Minnesota Department of Employment and Economic Development (DEED) is now accepting loan applications through a new program designed to help early-stage businesses that are developing high-tech products or services in Minnesota.

MILE, a pilot program, will provide interest-free loans ranging from $20,000 to $50,000. Businesses approved for these loans must have a 1-to-1 match from another funder and repay the loan within four years, with no payments required in the first year.

MILE funding may be used for working capital, intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities approved by DEED.

The loan application period runs through Monday, July 16.

Late applications will not be accepted.

For more details and application materials, see Minnesota Innovation Loans for Entrepreneurs program.