DEED Launches New Small Business Funding Stream, Extending More Lending to Entrepreneurs
December 5, 2022
The Minnesota Department of Employment and Economic Development (DEED) announced the final component of the $97 million State Small Business Credit Initiative (SSBCI): the Small Business Loan Participation Program.
As part of the program, DEED will purchase 25% to 30% participations in loans made by approved Community Development Financial Institutions (CDFIs) and nonprofit lenders. Businesses seeking loans will apply directly with enrolled lenders, which are responsible for all credit decisions and loan terms.