Community Planning & Economic Development

Phone: (612) 673-5095
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Alternative Financing Program

What is the Alternative Financing Program?

The Alternative Financing program provides small Minneapolis businesses (neighborhood retail, service or light manufacturing) an alternative financing to the interest-based system that is in accordance with Islamic law, or Sharia. The program provides financing to purchase equipment and/or make building improvements. A private lender provides half the financing at their rate of return, and the City provides the rest, up to $50,000, at a 2 percent rate of return. The term (up to 10 years) is set by the lender. Private lender fees vary, and the City charges an origination fee of 1 percent of the City’s principal amount with a minimum of $150, due at closing.

Terms and Conditions

Who is Eligible

Eligible Uses

How to Apply

Complete an online application here, or to request a printed application please call (612) 673-5072.

All programs and guidelines are subject to change without notice.
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED

Last updated Sep 17, 2013