State’s Fresh Funding Fuels Growth For Local Entrepreneurs

ST. PAUL (WJON News) -- The State of Minnesota has announced over $33 million in funding for small businesses. The funding is part of the Department of Employment and Economic Development's (DEED) State Small Business Credit Initiative (SSBCI), and the $33 million dollars is the second of three rounds of funding totaling $97 million. DEED has issued over $29 million of SSBCI funding to help 160 small businesses in 44 cities open, innovate, and expand.

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The new funding is expected to help 225 developing and new businesses. The money will support six existing SSBCI programs: Automation Load Participation Program, Growth Loan Fund, Minnesota Loan Guarantee Program, Small Business Loan Participation Program, Direct Investment Venture Capital, and Multi-Fund Venture Capital. Businesses interested in the programs can learn more and find out how to connect with a lending partner on DEED's SSBCI page.

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