Whether you’re just getting started or are ready to take your established business to a new level, find the right resources for your next step.
The Alternative Financing program provides small Minneapolis businesses (neighborhood retail, service or light manufacturing) an alternative financing to the interest-based system that is in accordance with Islamic law, or Sharia. The program provides financing to purchase equipment and/or make building improvements. A private lender provides half the financing at their rate of return, and the City provides the rest, up to $50,000, at a 2 percent rate of return. The term (up to 10 years) is set by the lender. Private lender fees vary, and the City charges an origination fee of 1 percent of the City’s principal amount with a minimum of $150, due at closing.
Loan amount: Up to $50,000
Community served: Minneapolis, MN
Why is this service free?
To make it easier for businesses to find the right resources in one place, Elevate HennepinSM lists free resources funded by trusted partners, including The Minnesota Department of Employment and Economic Development, the City of Minneapolis, and other Hennepin County cities and partners.
Not sure where to start? Book 15 minute consultation with a Business Resource Navigator.