BEMIJI – Minnesota’s Department of Employment and Economic Development has allocated $ 300,000 to Bemiji agencies to help start-up businesses.
As part of its New Entrepreneur Loans program, DEED provided $ 3.1 million to 26 non-profit credit partners across the state, as well as three grants for the Bemidji area. Program funds are available to eligible businesses to fund various startup and expansion costs.
The program reportedly supports the growth of businesses owned and operated by blacks, indigenous people, people of color, low-income people, women, veterans and / or people with disabilities. Non-profit organizations Bemidji selected by DEED include:
- Economic development of Greater Bemidji, receiving $ 75,000.
- Headwaters Regional Finance Corporation, Headwaters Regional Development Commission, receives $ 75,000.
- The Northwest Minnesota Foundation receives $ 150,000.
Dollars awarded by DEED represent the initial disbursement of funds. Lenders with a proven track record of running out of initial funding may request additional dollars.
“Now, more than ever, the New Entrepreneur Loan Program is an excellent platform to stimulate the growth of small businesses that would not otherwise have access to capital,” said DEED Commissioner Steve Grove. “Our economic recovery must create jobs in the communities hardest hit by the pandemic, and this is what entrepreneurs will be doing.”