Reminder: Elevate Hennepin small business loan funds available
As part of the Elevate Hennepin small business capital strategy, financing opportunities are available for small businesses.
Hennepin County has committed $1.1 million to create more equitable access to capital for small businesses through the Elevate Hennepin Small Business Loans program. The financing opportunity is available through a competitively selected nonprofit community-based lender NextStage.
The funding seeds a low-barrier capital fund designed to flexibly meet the needs of a variety of startups and established businesses, including contractors, who are underserved by traditional lending.
Borrowers must be a for-profit business registered with the State of Minnesota, located within Hennepin County, and demonstrate hardship and need for the financing to launch, sustain or grow their business.
Elevate Hennepin advisors can assist businesses in preparations for accessing capital, including understanding common roadblocks business face when applying for loans.
Sica Dawn, the first lender from the small business loans program, recently launched her business Open Hair Space in Richfield.
“We wouldn’t be open without support from NextStage and the Elevate Hennepin Small Business Loans program,” she said. “Seriously, I have told so many people about this program. To say that you all helped us is such an understatement.”
The loan program is part of a Hennepin County strategy to address the capital needs of under resourced entrepreneurs and reduce disparities in the county’s small business ecosystem.
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