NMF staff provides technical assistance and financing to individuals who want to start a business or persons wanting to expand an existing business.
Loan Eligibility and Terms
- Retail, service, manufacturing and other business types are generally eligible.
- Loan funds can be used for equipment, inventory, working capital and to refinance business debt.
- Real estate, building purchase or construction are not eligible.
- The maximum loan amount is $35,000.
- Loan terms can be up to six years.
- The current interest rate is 5.5%, fixed for the term.
- All loans must have collateral and are typically subordinate to a lead bank (if involved).
The entire Entrepreneur Development application process may require four to six weeks from the time an application is received until the loan is closed.
Because each business lending situation is unique, NMF requests that applicants contact Connie to assist with the process.
Addional requirements may include:
- Tax returns
- Owner Resume
- Description of Collateral
- Other information as requested
Technical assistance is provided in combination with financing – before, during and after financing is made. This assistance can include: pre-loan counseling, marketing and management assessment, financial planning and business plan preparation. After financing is made, technical assistance continues with bookkeeping and accounting assistance, marketing strategy, and management and operations strategy. Specialized needs can also be met through other consultants and specialized training programs.
Contact NMF at 218-759-2057 or 800-659-7859 (in MN) for more information or email Connie.