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Published: July 7, 2010
By the Minneapolis & St Paul Business Journal
An expanded and renamed state program is offering loans of up to $20,000 apiece to recently retired military service members who want to start businesses, including those finishing tours in the Iraq and Afghanistan wars.
The Minnesota Department of Employment and Economic Development (DEED) is administrating the program, called the Minnesota Reservist and Veteran Business Loan Program. DEED Commissioner Dan McElroy said members of the military have developed leadership skills that will serve them well as entrepreneurs.
“Veteran-owned businesses create jobs in Minnesota and contribute to the growth of our economy,” McElroy said.
The program was previously called the Military Reservist Economic Injury Loan Program and served a different purpose, providing no-interest loans of up to $20,000 to businesses that suffered financial hardships because of the temporary loss of essential employees (including business owners) to military service.
The economic injury loans will continue to be offered under the expanded program, which was created under a law signed by Minnesota Gov. Tim Pawlenty in the spring.
Under the program, loans must be paid back in 54 months, with no repayment in the first 18 months, followed by equal monthly payments over the remaining 36 months. Read more.