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June 11, 2018 <br />December 12, 2011 Mounds <br />View Business Growth Toolbox <br /> <br /> <br />institutions. SPEDCO can handle SBA loan financing for businesses wishing to <br />expand or locate in Mounds View. SPEDCO is the liaison with the SBA, helping <br />lenders and borrowers through the paperwork and approval process. They <br />structure the project, prepare loan documentation and monitor the whole project <br />through closing. They also service all aspects of the SBA 504 loan for the entire <br />term of the loan. SPEDCO works with the SBA to provide up to 40% of the total <br />project cost. The participating lender normally finances at least 50% of the cost. <br />The borrower typically puts down as little as 10% of the total project cost. For <br />more information, call SPEDCO at 651-631-4900. <br /> <br />SBA 7(a) Loan Program <br />The 7(a) program includes financial help for businesses with special <br />requirements. For example, funds are available for loans to businesses that <br />handle exports to foreign countries, businesses that operate in rural areas and <br />for other very specific purposes. SPEDCO offers loan packaging consulting <br />services to banks and their customers for the 7(a) program. <br /> <br />2) State of Minnesota Business Financing Programs <br />The Department of Employment and Economic Development encourages the <br />creation of high quality jobs through business growth, expansion and retention. <br />Business Development Services help companies expand or relocate in <br />Minnesota, find and train employees, promote international trade and finance <br />business expansions. The most likely funding program applicable to Mounds <br />View businesses would be the Minnesota Investment Fund (MIF). It’s designed <br />for businesses acquiring “fixed assets” (such as equipment, buildings, and land) <br />and adding new employees as a result. This program provides companies below- <br />market financing. Virtually all types of businesses are eligible, except retail. The <br />maximum award is $500,000. The applicant is the Ccity. Terms are negotiated. <br /> <br />3) Ramsey County Business Loan Program <br />The Ramsey County Business Loan Program provides gap financing that can be <br />used in conjunction with other private and public funds. <br /> <br />Who can apply? <br />In general, loans are restricted to commercial, industrial, or service oriented <br />businesses located in or moving to Ramsey County. In addition, businesses <br />must be registered to do business in the State of Minnesota and demonstrate a <br />need for public financing. <br /> <br />How does the program work? <br />Loans are typically made for the purchase of capital equipment, land and building <br />acquisition, and building rehabilitation or new construction. Application fees are <br />low, and rates and terms are more flexible than the market. Loans of up to <br />$250,000 are provided. To request an application, or to obtain more information, <br />you can contact the Ramsey County Community and Economic Development <br />office at 651-266-8005.