The Minnesota Department of Employment and Economic Development (DEED) announced that the agency had secured $97 million in new funding to support small businesses. This second wave of funding aims to provide direct loans to newer businesses that are technologically innovative.
DEED is now accepting applications, which can be found in their Small Business Hub. Per DEED, all “applicants must be seeking equity investments in a funding round that includes at least one venture capital fund or accredited investor.” The loans will be between $100,000 and $400,000.
To be eligible, all participating businesses must meet a variety of criteria outlined in the application process including the primary business 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)
Watch last week’s informational webinar here for additional information.
Contact us if you have any questions. We’re here to help!
