City announces alternative finance loan program
The City of Minneapolis will hold a press conference to announce its new Alternative Financing Program Wednesday, April 11, 2007, 10 a.m.. at "Global Clothing & Accessories," the store operated by the program’s first loan recipient, Shukri Gedi, in the Karmel Mall, Pillsbury Avenue South at 29th Street West.
The Alternative Financing Program offers profit-based financing to Minneapolis business owners where no interest is paid or collected. The rate of return is based on an up-front profit payment that is added to the front end and amortized over the life of the financing. While this type of financing may be especially attractive to Muslim business owners whose religious beliefs restrict them from receiving traditional interest-based financing, the program is open to all small Minneapolis businesses (neighborhood retail, service or light manufacturing) to purchase equipment and/or make building improvements.
In offering the Alternative Financing Program, the City has partnered with the African Development Center (ADC), the Neighborhood Development Center (NDC), the Minneapolis Consortium of Community Developers (MCCD) and individual contributors.
For more information, visit the Alternative Financing Program website or call (612) 673-5066.
Published Apr. 10, 2007