Minnesota Indian Business Loan Program - Annual Program Summary
Purpose
This program supports the development of Indian-owned and -operated businesses and promotes economic opportunities for Native American people throughout Minnesota.
Customers and Services
Eligible applicants must be enrolled members of a federally recognized Minnesota-based band or tribe. Each band or tribe is allocated funds from the Indian Business Loan Fund, based on the number of enrolled members. DEED administers the program and services the loans, while the appropriate tribal council approves loan applications.
Businesses may be located anywhere in the state, although most of the loans are made to businesses on a reservation. Eligible projects include start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition.
Measures - Reporting period is state fiscal year (SFY), July 1 - June 30
SFY 2005 |
SFY 2006 |
SFY 2007 |
|
| Number of projects | 2 |
3 |
2 |
| Loan amounts | $102,950 |
$131,100 |
$99,070 |
Funding Source and Allocation
Approximately $130,000 in state funds is allocated annually.
Statutory Authority
-- Minnesota Statutes, Chapter 116J.64
Contact Information
Bart Bevins, Loan Officer
Phone: 651.259.7424 or toll-free: 800.657.3858; Fax: 651.296.5287; TTY: 651.296.3900
E-mail: Bart.Bevins@state.mn.us
Website: www.deed.state.mn.us/bizdev/IBL/
This information current as of January 2008. For more information on DEED programs, see the State of Minnesota budget pages.