Business Resources for Artists
Artists and arts organizations play a valuable role in economic and community development in the City of Minneapolis. A number of the City tools available broadly to support business growth are available to artists and arts organizations. The most frequently used ones are noted here.
- The Citys 2% loan program is a partnership with local financial institutions. The City provides up to $75,000 at a 2% interest rate, matched by a bank at market rate. The result is a blended, below-market rate loan underwritten and serviced by the bank (one payment for borrowers).
- The Working Capital Guaranty Program is designed to help small businesses secure financing through private banking institutions. A private lender funds the loan, and the City of Minneapolis guarantees a portion of the financing up to 80% of the first $50,000 and up to 50% of the remainder. Although there is no limit to the amount of financing provided by the bank, the City’s maximum guarantee is $75,000.
Finding a Site
City Economic Development staff provide assistance to businesses, non-profits, cultural institutions, and other entities that grow the city’s economy in finding just the right location within Minneapolis. Please call Miles Mercer at (612) 673-5043.
Business Technical Assistance
There are a number of organizations and businesses that provide technical assistance in business planning, bookkeeping, obtaining financing, merchandizing and marketing to Minneapolis businesses. For a referral please call Jess Green at (612) 673-5232.”
Murals and Façade Improvements
The Citys Great Streets Façade Improvement Matching Grants Program includes financial support for façade improvements (including murals) in several business districts throughout the city. The program is administered by community and business organizations.
Real Estate Development Financing
- A number of non-profit arts organizations have tapped the Bank Qualified tax exempt bond program available to 501(c)(3) organizations.
- The Citys Great Streets program also provides financing for catalytic, transformative projects located on commercial corridors and nodes. A recent example of Great Streets loan financing for an arts facility is the Chicago Avenue Fire Arts Center at 38th and Chicago.
For very large arts development projects with regional significance (recent examples include MacPhail, the Guthrie and The Cowles Center for Dance and the Performing Arts, and Orchestra Hall), State bond financed grants have been secured which require public ownership and decades-long reporting on public benefits.
The Hub Bike Co-op
Nokomis Pet Clinic
Ted Cook’s 19th Hole
Façade improvement matching grants
Cedar Cultural Center
Chicago Avenue Fire Arts Center
Financing and real estate development assistance
Chicago Avenue Fire Arts Center
Hennepin Avenue Theaters (State, Orpheum, Pantages, Hennepin Stages)
In the Heart of the Beast Theater
MacPhail Center for Music
Northern Clay Center
The Cowles Center for Dance and the Performing Arts
Walker Art Center
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED
Last updated May. 16, 2013