DEED Launches Second Small Business Funding Stream, according to Aitkin County Economic Development

St. Paul – The Minnesota Department of Employment and Economic Development (DEED) launched the Growth Loan Fund as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI) from the U.S. Department of the Treasury. This new program provides direct loans from DEED to technologically innovative seed- and early-stage businesses.

Businesses seeking funding through this program need to be engaged in, or be committed to engage in, technological innovation in Minnesota. Qualified high-technology fields include: aerospace, agricultural processing, renewable energy, energy efficiency and conservation, environmental engineering, food technology, cellulosic ethanol, information technology, materials science technology, nanotechnology, telecommunications, biotechnology, medical devices, pharmaceuticals, diagnostics, biologicals, chemistry, veterinary science, or similar. The primary business activity must include one or more of the following:

• Using proprietary technology to add value to a product, process or service in a qualified high-technology field
• Researching or developing a proprietary product, process, or service in a qualified high-technology field
• Researching, developing, or producing a new proprietary technology for use in the fields of agriculture, tourism, forestry, mining, manufacturing, or transportation
• Researching or developing a proprietary product, process or service in the fields of agriculture, tourism, forestry, mining, manufacturing, or transportation (no technology component required)