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5 <br />training for Minnesota employers using the expertise and resources of the 10 <br />institutions. For example, Anoka-Ramsey Community College has collaborated <br />with the Consortium and customized training programs for various occupations <br />pertaining to the medical device industry. <br /> <br />4) Minnesota Vocational Rehabilitation (VR) Program <br />The VR Program helps Minnesotans with significant disabilities get ready for, find <br />and keep their chosen jobs and careers. <br /> <br /> <br />E. Business Finance Loans & Grants <br /> <br />For both existing businesses desiring to expand and for businesses new to the City there <br />are federal, state and local financial assistance programs. All local financial assistance is <br />at the discretion of the Mounds View EDA. <br /> <br />1) Small Business Administration Loan Programs – SBA 504 Loan / 7a Loan <br />The U.S. Small Business Administration provides a wide array of programs to help <br />small businesses, including financial and federal contract procurement assistance, <br />management assistance, and specialized outreach to women, minorities, and <br />veterans. <br /> <br />The SBA 504 Loan program provides fixed-rate, long-term financing for land, <br />buildings and manufacturing equipment or machinery. SBA 504 Loans feature a <br />10 to 20 amortization, fixed-loan payments, below market interest rates, and a low <br />downpayment. The deal structure is 50% bank loan (1st position), 40% SBA 504 <br />(2nd position), and 10% equity injection. (A new business and a special-purposed <br />building require 20% equity injection.) The program’s minimum and maximum loan <br />amounts are $50,000 and $750,000 respectively. <br /> <br /> How does the program work: <br />Businesses should contact the certified development company authorized by SBA <br />to originate and service SBA 504 loans in their geographic area. SPEDCO is a <br />non-profit certified development company located in New Brighton whose mission <br />is to help small businesses obtain financing for job creation, to fund business <br />expansion and to promote economic development in Minnesota. SPEDCO can <br />handle SBA Loan financing for businesses wishing to expand or locate in Mounds <br />View. They provide long-term, fixed rate loans through the SBA 504 Loan <br />program and also provide 7(a) loan packaging consulting services to banks and <br />their customers. For more information call 651-631-4900. <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 Minnesota, <br />find and train employees, promote international trade, and finance business <br />expansions. The most likely funding program applicable to Mounds View <br />businesses would be the Minnesota Investment Fund (MIF). It’s designed for