Small business definition

A small business is a for‑profit or non‑profit business that meets the following criteria:

1. Is not an affiliate or subsidiary of a business dominant in its field of operation; and
2. Has 20 or fewer full-time employees; and
3. In the last fiscal year, the business must have made less than $1 million in gross revenue. If it is a technical or professional service, it must have made less than $2.5 million.

Loan amounts based on business size and location

• Up to $75,000 anywhere within the city limits of Minneapolis
• Up to $100,000 if the project is both:
  • In an eligible area (blue on the map).
  • The business qualifies as a small business.
• Up to $125,000 if the project is both:
  • In one of the following areas:
    • A priority-eligible area (orange on the map)
    • In a cultural district priority-eligible area (purple on the map).
  • The business qualifies as a small business.

Eligibility and use

• Your business must be located within Minneapolis city limits.
• Business use must comply with Minneapolis zoning ordinances.
• Building improvements paid for by the loan must:
  • Use contractors licensed in Minneapolis
  • Follow all Minneapolis permitting requirements and city codes
• We only fund work that is started after we approve funding.
• If you move the business outside of the City the loan becomes due. You need to repay it in full.

See examples of approved improvements and purchases