Homegrown Small Business Fund

This fund provides financing and technical help to food businesses in Minneapolis.

Fund overview

The Homegrown Small Business Fund provides financing and technical assistance to Minneapolis-based businesses that process, grow and manufacture food products, through a partnership between Homegrown Minneapolis, Minneapolis Community Planning and Economic Development and Metropolitan Consortium of Community Developers (MCCD),

 

Business eligibility

  • The business must be located in and licensed to operate in Minneapolis
  • The business must demonstrate ability to repay the loan and be an acceptable credit risk as determined by MCCD
  • An applicant's property status must be a conforming use or a legal non-conforming use under the City's Zoning Ordinance
  • The business must comply with all City, State and Federal Health and Food Safety codes and regulations

Loan terms

  • Loan of up to $10,000 at a 2% interest rate
  • 5 year maximum term
  • Borrower match requirement is 10%
  • Loan origination fee of $100 collected by MCCD at time of loan closing
  • If at any time the business moves out of Minneapolis, the loan will become due immediately

Eligible Expenses

  • Processing/Manufacturing (raw materials, washing and drying of produce, packaging, storage containers, labeling, equipment)
  • Distribution (leasehold improvements, approved off-site storage facilities, logistics equipment)
  • Marketing (advertising, packaging materials, branding)
  • Working Capital

Eligible expenses are not limited to the examples listed above.

Application information

Interested individuals should first determine their eligibility by contacting Kris Maritz, City of Minneapolis Business Advisor, MCCD at kmaritz@mccdmn.org or 612-843-3262. In addition to submitting a completed loan application, prospective recipients will need to work with MCCD to develop a proposal for the use of funds. MCCD will review the proposal, determine financial viability, and process the loan request.

Find more resources for business development and financing.

 

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Contact Us

Homegrown Minneapolis

Phone

612-673-3553