Local nonprofits receive funding from new statewide lending program
BEMIDJI—The Northwest Minnesota Foundation of Bemidji, 4-Directions Development of Red Lake and Greater Bemidji are among 23 nonprofit organizations to participate in a statewide lending program designed to provide funding to businesses that may experience difficulty accessing capital.
The new program aims to help increase economic opportunities for businesses owned by minorities, women, veterans, low-income individuals and persons with disabilities, and will be administered by the Minnesota Department of Employment and Economic Development.
As part of the program, DEED will award a combined total of $2 million to organizations, which serve communities throughout Minnesota. These organizations will, in turn, make loans ranging from $5,000 to $150,000 to small businesses across the state. All loans will be approved by DEED, and repayment of funds will go into a revolving loan fund.