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Need a Financial Boost for Your Startup? MILE Offers Interest-Free Loans

Loan applications accepted through July 16

6/7/2018 10:00:00 AM

DEED is accepting loan applications through a pilot program designed to help early-stage businesses that are developing high-tech products or services in Minnesota.

The Minnesota Innovation Loans for Entrepreneurs – MILE – will support Minnesota’s robust emerging technology ecosystem by providing interest-free loans ranging from $20,000 to $50,000. Businesses approved for loans must have a 1-to-1 match from another funder and repay the loan within four years, with no payments required in the first year. The program is an initiative of the Minnesota Investment Fund.

MILE funding may be used for working capital, intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities as approved by DEED.

Businesses applying for loans must employ no more than five people and have their headquarters in Minnesota or plan to relocate here. They must have been in business for five years or less, completed a recent business plan, and have debt or equity investments not exceeding $1 million.

Eligible businesses include but are not limited to: aerospace, agricultural and food processing, biotechnology, energy efficiency and conservation, information technology, materials science, medical devices, pharmaceuticals, process control, telecommunications or similar sectors.

Businesses whose primary activity is brick-and-mortar retail sales, professional or consulting services, direct financial or insurance services, medical or legal services, or real estate sales or development are not eligible.

The loan application period is June 4 to July 16. Late applications will not be accepted.

The DEED website has more details about the Minnesota Innovation Loans for Entrepreneurs program, including application materials.

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