Alternative Financing

Small business owners can get financing that conforms with Islamic law. The money can be used for building improvements and equipment purchases.

Conforming with Islamic law

Many Muslims and people of other faiths follow rules about paying interest.

We offer an alternative way to structure financing that:

Alternative Financing offers options to religious populations.

The City supports the growth of small neighborhood businesses. We can help fund building improvements and equipment purchases.

If your business is in a designated commercial area we can match private lender funds up to $75,000.
If your business is outside a designated commercial area we can match private lender funds up to $50,000.

See the Minneapolis Great Streets map for designated areas

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.

Charges a one percent origination fee ($150 minimum) due at closing
Charges two percent fixed interest on loans or a two percent rate of return on alternative financing
Loan term must be equal to or less than the private lender term, with a maximum of 10 years

Complete our common application for small business financing.

Community Planning & Economic Development

Phone

612-673-5094

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415