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New Minn. Loan Fund Geared Toward Start-up Firms

Created: 12/12/2013 11:14 AM KSTP.com
By: Scott Theisen

Minnesota has a new loan fund for start-up businesses that offers them up to $250,000 in interest-free help.
    
Gov. Mark Dayton and his top economic development official described the Angel Loan Fund on Thursday. It is a supplement to a tax credit that is meant to incentivize private investment in companies just getting off the ground.
    
Entrepreneurs with Minnesota-based businesses and fewer than 500 employees can tap into the $6.7 million loan fund to help with equipment purchases, construction and other needs. They don't have to pay it back for seven years, when a balloon payment comes due.
    
Department of Employment and Economic Development Commissioner Katie Clark Sieben says the goal is to have businesses attract private investment of $10 for every public dollar put in.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Photo: MGN Online

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