Small Business Impact Fund
The purpose of this program is to provide loans to small businesses in North Minneapolis that cannot currently obtain credit from conventional sources. Preferences will be given to business opportunities that create or retain local employment.
KEY PROGRAM FEATURES
- Loan funds must be used by existing, or, planned businesses, or, locations in North Minneapolis and demonstrate that the use of funds will substantially benefit North Minneapolis (primarily zip codes 55412 and 55411)
- Loan clients must join the Black Chamber of Commerce
- Loan amounts will be $25,000 or less
- Business Foundation
- Post Loan Technical Assistance
- Business Technology Services
The Advisory Committee is the Chamber's conduit to what is happening in the community. Established to annually review the impact of the distributed funds, current business trends, and challenges. This is an independent advisory group to the Chamber.
- Short term project financing
- Equipment and small tools
- Start-up costs
- Working Capital
- Refinancing of any existing debt
- Payment of taxes, fines, fees, or liens
- Financial support of the owner(s) (salary or draw) during the pre-loan period
- Purchase of real estate, capital improvements, or equipment where the cost cannot be recovered during the contract period
- Purchase of an interest in any enterprise owned by another individual
- Loans related to certain business types or products selected by the MBCC including, but not limited to, liquor, pornography, tobacco, check cashing, and gambling
For more information about SBIF, click on the button below.