BEMIDJI – The Minnesota Department of Employment and Economic Development has provided $ 300,000 to agencies in Bemidji to help start-up businesses.
As part of its Emerging Entrepreneur Loan Program, DEED has provided $ 3.1 million to 26 nonprofit lending partners across the state, with three grants to the Bemidji region. Program funds are available to eligible businesses to finance various start-up and expansion costs.
According to a statement, the program supports the growth of businesses owned and operated by black people, Indigenous people, people of color, low-income people, women, veterans and / or people with disabilities. The Bemidji associations selected by DEED include:
- Economic development of Grand Bemidji, receiving $ 75,000.
- Headwaters Regional Finance Corp., of the Headwaters Regional Development Commission, receiving $ 75,000.
- The Northwest Minnesota Foundation, receiving $ 150,000.
The dollars allocated by DEED constitute an initial allocation of funds. Lenders with a proven track record with the program who have exhausted the initial funding may request additional dollars.
“Now more than ever, the Emerging Entrepreneur Loan Program is an excellent platform to foster the growth of small businesses that may not otherwise have access to capital,” said Steve Grove, Commissioner of DEED . “Our economic recovery must create jobs in the communities hardest hit by the pandemic, and that is exactly what these entrepreneurs will do. “