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Community Wealth Building Program


The Community Wealth-Building Loan Program makes low-interest loans to community businesses that are at least 51% owned by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities.

This program was created by the 2023 Minnesota legislature. Applications for this program are currently being accepted by our partner organization.

Program Requirements

DEED provides funding to a partner organization, specifically the Metropolitan Consortium of Community Developers (MCCD), to make loans to community businesses. To assist in the formation and growth of shared ownership and community businesses, MCCD also provides specialized technical and legal assistance either directly or through a partnership to help businesses become loan ready. A community business is either:

  • A cooperative
  • An employee-owned business, or
  • A commercial land trust

Each of these must be at least 51% owned, cumulatively, by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities.

Partner Organization

A Partner Organization must be a community development financial institution or a nonprofit corporation. In this case the legislature has designated the Metropolitan Consortium of Community Developers (MCCD) as the partner organization/lender.

Loan Terms and Interest

Community Wealth-Building loans can:

  • Not charge an interest rate higher that the Wall Street Journal prime rate
  • Be subject to a loan origination fee of no more than 1% at the lender's discretion

The Partner Organization has authority to determine the specific interest rate, collateral requirements, and other terms of each loan. The state's share of a Community Wealth-Building loan can be no less than $50,000 and no more than $500,000.

Factors that the Partner Organization considers when evaluating a loan application include, in part:

  • Whether a project would be unlikely to be undertaken unless a loan is made under the program
  • Whether a business is located in the lowest income areas
  • Whether the project encourages tax-base revitalization, private investment, job creation for targeted groups, creation and strengthening of business enterprises, assistance to displaced businesses, and promotion of economic development in low-income areas

How to Apply

Applications to receive no-cost business support and loans are accepted through our partner organization, MCCD.

Contact Electra Skrzydlewski, Director of Shared Ownership, at 612-814-0758 or by email

Metropolitan Consortium of Community Developers
3137 Chicago Avenue South
Minneapolis, MN 55407

For More Information

Contact Stephen Wolff, at 651-259-7415 or

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