The Entrepreneur Fund is an eligible financial institution to qualify for the MN DEED program
MINNESOTA – The Minnesota Division of Work and Economic Advancement (DEED) is accepting apps from businesses seeking to enhance efficiency by means of automation. The Automation Bank loan Participation Method is built to help production, technologies and warehousing firms with much less than 500 staff members.
As section of the plan, Minnesota DEED will make companion loans to cover financing gaps and develop funding chances for enterprises getting automation machinery, equipment, or software. Method highlights incorporate financial loans up to $500,000, 1% interest and a 5-7 12 months term.
The Entrepreneur Fund is an eligible lender to lover with on this system.
“We are quite enthusiastic to be equipped to offer you this fantastic MN DEED loan system. This program allows Entrepreneur Fund clients to have up to 50% of their automation financing at a 1% fascination level. This very low fee will conserve our purchasers tens of thousands of bucks in excess of the life of their loan”, reported Michael Lattery, Director of Business Finance.
Automation training grants are also out there. The new Automation Schooling Incentive System delivers grants to little organizations for the goal of teaching existing personnel on new automation engineering. Grants of up to $35,000 are accessible to small enterprises in the production or competent generation market for the convey reason of training incumbent personnel as rapidly and correctly as possible on new automation technology.
The Entrepreneur Fund encourages firms that are intrigued in the program to contact their group at [email protected] or (218) 623-5747 to decide if their challenge is eligible and get started out.