Automation Loan Participation Program
DEED is now accepting applications from businesses seeking financing from the program.
The Automation Loan Participation Program (ALPP) makes companion loans intended to fill gap financing needs for businesses purchasing machinery, equipment, or software to increase productivity and automation. Loans need to be made in conjunction with private financing, typically a bank, in an amount at least equal to the DEED loan. Loans may be up to $500,000 with 1% interest on a 5 to 7-year term.
Eligible borrowers include manufacturing, distribution, technology and warehousing businesses located in Minnesota. The program targets businesses with fewer than 500 employees.
The program is part of the State Small Business Credit Initiative (SSBCI) funding from the U.S. Department of the Treasury and is subject to SSBCI rules.