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Financing Options

Below is a list of the various financing options available to small businesses. Please read each description carefully to understand qualifying terms and conditions.

 

SBA Loans

The Small Business Administration has loan guarantees available to small businesses that meet SBA eligibility requirements. For more information about SBA financing basics and each loan program click on the links below:

• SBA Financing Basics

• SBA 7(a) Loan Program

• SBA 504 Loan Program

• SBA Micro Loan Program

 

Southern Minnesota Initiative Foundation

The Southern Minnesota Initiative Foundation has the following loan programs available to small businesses:

• FIND Fund Program

• Step-Up Loan Program

• Small Enterprise Loan Program

• Revolving Loan Program

 

Grants

You may have heard from time to time that there are grants available for people who would like to start a business. While this is true, there are a couple of things you want to keep in mind when searching for a grant opportunity. Most grants are offered to vary specific organizations that are usually non-profit organizations who have similar missions as the granting agency. Moreover, while a lot of  grant programs are currently available to small businesses, most of these grants do not have funding available, or in some cases have very limited funding available. Se sure to check with the granting agency to determine availability of funds for specific grants prior to applying for the grant. At this time the SBDC does not have access to any grant dollars for for-profit businesses.