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4111 <br /> Minnesota Fund <br /> The Minnesota Fund administered by the Minnesota Department of <br /> Energy and Economic Development provides direct loans up to a <br /> maximum of $250, 000 to Minnesota small manufacturing and <br /> industrial businesses for 20 percent of the cost of fixed assets <br /> needed for expansion . Eligible use of these funds include <br /> acquisition of land , building , machinery and equipment ; building <br /> construction and renovation; development costs such as <br /> engineering , legal and financial fees . <br /> The interest rate , which is fixed for the <br /> term of the loan , is <br /> set periodically at a rate equal to 3 points below U. S . Treasury <br /> instruments having the same maturity. The term of the loan is <br /> matched to the life of the assets or a maximum of 15 <br /> real estate and 7 years for <br /> years for machinery. <br /> The owner must provide 10 percent equity with the remaining 70 <br /> percent , or the balance , from other lenders who are given primary <br /> position on the assets finance . <br /> • <br /> 1111 <br /> 4 a <br />