Community Planning & Economic Development

Phone: (612) 673-5095
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Small Business Real Estate Acquisition Loan Program

The Small Business Real Estate Acquisition Loan Program enables small business owners to obtain financing for real estate acquisition of commercial and industrial properties in which to operate their business.  The program is a partnership between a private lender, the City of Minneapolis and the Metropolitan Consortium of Community Developers (MCCD) The lender finances 50% of the acquisition, MCCD provides 40%, the City provides 5% and the borrower contributes the remaining 5% as an equity injection. MCCD’s 40% is capped at $400,000 and the City’s 5% share is capped at $40,000. Loan applicants must occupy a minimum of 25% of the commercial property to be acquired, as their principal place of business.

Who is eligible for loans and how can they be used?

Small business owners seeking to purchase property in which to operate their business in the City of Minneapolis are eligible for financing through this program. No geographical restrictions within Minneapolis apply to the program. The business must occupy at least 25 percent of the space. Loans can be used to:

Loan terms and conditions

Application process

Loan applicants should return a completed loan application with the following information:

Applications to or for more information contact (612) 673-5072.
 

CPED/Business Finance
105 – 5th Avenue South, Suite 200
Minneapolis, MN 55401

 

 

Last updated Jan 11, 2013