Elevate Hennepin small business loan funds available
As part of the Elevate Hennepin small business capital strategy, two financing opportunities are available for small businesses: Elevate Hennepin Small Business Loans and the Elevate Hennepin Commercial Property Ownership Fund.
In 2024, Hennepin County committed $4.22 million to create more equitable access to capital. The financing opportunities are available through a competitively selected nonprofit community-based lender NextStage.
The small business loans are low-barrier financing for startups and established businesses underserved by traditional lending. The commercial ownership fund is financing for business owners to buy and improve commercial space.
What loan options are available?
Elevate Hennepin Small Business Loans:
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 Commercial Property Ownership Fund:
Borrowers must be a for-profit business registered with the State of Minnesota with a minimum of three years of operational revenue; have fewer than 100 employees and demonstrate hardship and need for the loan to complete a purchase or property renovation. The project size must be under $5 million and located within Hennepin County.
Below are some questions applicants should ask when considering this loan to purchase property:
- Is the property in question located in Hennepin County?
- Will this property be used principally to house or support an operating business (retail space, production space, principal offices, etc.)?
- Does the business have three or more years of operating, revenue-generating history (including two or more years of business tax returns)?
- Is there a clear need for supportive non-traditional financing in order to complete the purchase?
Applicants who can answer "yes" to all the questions above meet eligibility requirements and can consider applying for financing from this fund.
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