Minnesota Reservist and Veteran Business Loan Program Announced
Attention Minnesota Veterans, Reservists, Active Duty Military and Service Disabled Veterans:
New business loan program announced for Minnesota reservists and veterans. The Minnesota Reservist and Veteran Business Loan Program provides business loans to companies that are affected when certain employees are called to active military duty and to individual veterans who have returned from active duty and want to start their own business.
Business Loans
These loans are for existing small businesses that have an essential employee called to active service in the military reserves for 180 days or longer, causing a substantial economic injury to the business due to the employee’s absence.
Start Up Business Loans
These loans are for recently service separated veterans seeking financial assistance to start their own small businesses.
Financing and Terms
Both types of loans provide one-time, interest-free loans of $5,000 to $20,000. The loan terms are 54 months, with no repayment for the first 18 months and equal monthly payments over the remaining 36 months.
The financing comes from the program’s revolving loan fund, which has a total of $400,000 available. Applications are accepted and loans disbursed until all funds are committed.
For More Information contact Jeff Nelson at 651-259-7523 or email Jeff.M.Nelson@state.mn.us or visit the Minnesota Department of Employment and Economic Development website.
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VeteranOwnedBusiness.com and the Veteran Owned Business Directory are in no way affiliated with the above business/organization. We do not in any way endorse the above business/organization or guarantee the above offer. Please address any questions to the aforementioned business/organization for more information about their program.
VeteranOwnedBusiness.com and the Veteran Owned Business Directory are simply providing information we feel is of interest to veterans, active duty military, reservists, service disabled veterans, veteran owned businesses, service disabled veteran owned businesses, families of veterans, families of our armed forces and any other person or persons directly or indirectly involved with the United States military.
