Funding Ideas – Fueling Growth: Spotlighting CEDA’s Loan Department

At CEDA, we believe that vibrant communities are built on the success of local entrepreneurs. Navigating business financing can be a challenge for any business, especially newly established or small businesses looking to expand. This is where CEDA can step in to help.

Our Revolving Loan Funds (RLFs) can provide the capital needed to fill financial gaps that can help get projects across the finish line. If a local business has a realistic growth plan but is facing roadblocks with traditional lenders, CEDA can help provide the gap financing needed.

We offer two distinct loan programs designed to meet a wide variety of business needs:

Microenterprise Fund (MEF): Tailored for for-profit businesses in CEDA-contracted cities or counties. Loans can be made up to $60,000 with a negotiable interest rate tailored to make the project feasible for prospective businesses.
Emerging Entrepreneur Loan Program (ELP): Dedicated to supporting Minnesota-based, for-profit businesses owned by minorities, low-income individuals, women, veterans, and persons with disabilities. This program funds microenterprises and innovative industries with loans ranging from $5,000 to $60,000 with a negotiable interest rate.

How Can These Loan Funds be Utilized?
CEDA’s RLFs can be used to support a diverse range of industries from Main Street retail to local manufacturing. Qualifying projects can use the funds for:

Working capital and inventory
Purchasing machinery, equipment, or real estate
Building renovations and expansions
New construction and site acquisition

If you know a business owner looking to start or expand, or if you want to learn more about how CEDA’s loan department can drive economic growth in your area, reach out to us today!

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