Community Planning & Economic Development
 

Planning and Zoning
Public Service Center
250 S. 4th St., Suite 300
Minneapolis, MN 55415
311 or (612) 673-3000

Business Development Fund

What is the Business Development Fund?

The BDF is a financial tool provided to Minneapolis based businesses for assistance in redevelopment projects that have a potential for the creation of jobs that will be filled by Minneapolis residents. The BDF provides Minneapolis business loans of up to $75,000 and the opportunity for prepayment credits to be earned for each Minneapolis resident hired (during the first three years of the loan) and employed at least one year.

BDF loans, provided by the City of Minneapolis through participating lenders, can be used in tandem with other City business assistance programs, such as Industrial Revenue Bonds and Capital Acquisition Loans. BDF loans are also provided to companies building or expanding on City industrial sites. BDF loans are intended to provide gap financing and must be leveraged with other financing.

Terms and Conditions

Businesses receiving BDF loans must sign a Job Linkage Agreement that the business will attempt to fill vacant positions with Minneapolis residents. For each resident hired (during the first three years of the loans) and employed full-time for a year, the business may receive a prepayment credit toward the principle balance of the loan.

Who is Eligible

Businesses located within the city limits of Minneapolis or moving into Minneapolis may apply. BDF loans are targeted at companies that will provide full-time jobs that pay a minimum of $14.72 per hour plus benefits. Most participating BDF businesses have at least 20 employees and expect to add 10 jobs within the first three years of the loan.

BDF loans cannot exceed $75,000 or 50 percent of total project costs, whichever is less.

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 Jan 16, 2014

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