Loan Programs

  1. SBA 7(a) Guaranteed Loan
  2. SBA 504 Loan Program
  3. USDA Business and Industry
  4. Tax Abatement / Rebate
  5. Minnesota Investment Fund
  6. Small Business Development
  7. Big Lake SAC / WAC Incentive
  8. Micro Loan Fund
  9. Princeton Loan Fund
  10. Local Revolving Loan Funds
  11. Business Loans
  12. Seed Investment
  13. Technology Capital Fund
  14. Environmental Improvement Loan
  15. Property Assessed Clean Energy
  16. EDA Revolving Loan Fund Program

The program operates through private-sector lenders that provide loans which are, in turn, guaranteed by the SBA (up to 85% of loan) -- the Agency has no funds for direct lending or grants. A maximum loan amount of $5 million has been established. However, the maximum guaranty is generally $13.75 million. Use of proceeds: purchase of real estate, construction, renovation or leasehold improvements, acquisition of furniture, fixtures, machinery and equipment; purchase of inventory and working capital.

Term
Fees
Interest
Twenty-five (25) years for real estate and equipment; and, generally seven (7) years for working capital.
$0 to $150,000 loan: 2% of guaranty.$150,001 to $700,000 3% of guaranty. $700,000 to $1,00,000 3.5% of guaranty. $1,000,000 plus additional 0.25 %
$50,000 plus loan - maximum prime plus 2.25% (2.75% if 7 plus years). $25 to $50,000 - maximum prime plus 3.25% (3.75% if 7 plus years). $0 to $25,000 - maximum. prime plus 4.25% (4.75 if 7 plus years).


Interest Type

Interest Type
Amount $
Eligibility/Requirements
Fixed / variable
Maximum Loan $5,000,000
Determined by four factors:
  • Type of Business
  • Size of business
  • Use of Loan Proceeds
  • Special Circumstances