Business Loan Programs

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Ramsey County receives funding from federal sources and repayments of current loans to capitalize its loan pool. Business Loan staff provide technical assistance in meeting program requirements and will work with applicants to determine the most appropriate source of financing. Accepted loan application packages are reviewed by an independent committee. Loan terms and conditions are negotiated by Ramsey County, and repayment is made to the county.   

Applicant eligibility

Loans are available on a first-come, first-served basis to for-profit start-up or expanding businesses. Loans are restricted to commercial, industrial or service businesses located in or moving to Ramsey County. To qualify, businesses must be registered to do business in Minnesota and must demonstrate a need for public financing.

General requirements 

  • Create or retain a minimum of five full-time jobs, a majority of which must be available to low- and moderate-income employees.
  • Enter into a hiring agreement to consider applicants from a job-ready pool referred by the County's Job Training Partnership.
  • Obtain at least 60 percent of financing from other sources. The equity injection from expanding businesses should be a minimum of 5 percent of fixed assets. New and start-up businesses must provide at least 20 percent in equity investment in fixed assets

Benefits for businesses 

  • Gap financing can be used with other private and public funds.
  • Rates and terms are more flexible than the market.
  • Low application fees and efficient processing.

Benefits for communities 

  • Diversifying the economy encourages equilibrium.
  • Good jobs support small business and retailers.
  • Decent jobs for young families bring children into the school system.
  • Full employment enhances the residential market through preservation and upgrading of existing homes, and new construction of "lifestyle" housing.

Benefits for Ramsey County 

  • Private investment strengthens our economic base.
  • Retaining and expanding businesses helps to stabilize neighborhoods. 
  • Building the job base assures the opportunity for a better quality of life.