Advancing Entrepreneurs Loan Program
Red Wing Port Authority seeks to loan money to support minority entrepreneurs who identify as Black, Indigenous or People of Color (BIPOC), women, or veteran business owners who have taken the initiative to prepare themselves for success as a business owner. To that end they have established pre-application criteria for applicants that can be completed in conjunction with Red Wing Ignite and the Minority Owned Business Network (MOBN). The purpose of this program is to intentionally connect entrepreneurs with the right resources, at the right time, based on their application content, business structure, and immediate needs.
Loans Up to $20,000
Stage 1: How to Start
Meet with a Red Wing Ignite or MOBN coach for an onboarding session. Complete a Business Readiness Assessment to determine the customized educational programming needed to successfully launch a business and to prepare to apply for funding. Through this opportunity, entrepreneurs develop a business plan, navigate community resources, and will complete the program, understanding what is necessary to operate a small business.
Stage 2: How to Grow
Once a business plan has been developed, entrepreneurs will receive a customized training plan developed by their business coach to guide the growth of their business from idea to implementation. The customized training plan will vary according to the needs to the entrepreneur and business and will be supported by the network of resources available through Red Wing Ignite. Additional consulting with experienced mentors, business training, and network mapping, to support individuals as they achieve their growth goals
Ongoing consulting services may include but are not limited to:
- Business / strategic planning
- Product evaluation
- Funding and application assistance
- Prototype development
- Technology resources
- Ongoing support after grand opening
After completing the Red Wing Ignite and Minority Owned Business Network programming, the applicant will be assisted by a coach to complete the Red Wing Port Authority Advancing Entrepreneurs Loan application.
To be considered and recommended to the Red Wing Port Authority, participant must meet the following criteria:
- Meet all requirements including (Education, Licenses & Certification, Documentation and Mentorship)
- Letter of recommendation from Red Wing Ignite and Minority Owned Business Network
- Completed loan application for Red Wing Port Authority (must also meet requirements defined by Red Wing Port Authority)