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Funding for Your Business

Funding for Your Business

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Getting Started

Glossary of Loan Terms (PDF)- This glossary was created for entrepreneurs to better understand the terms that funders use.

What lenders look for in start-ups (PDF) – overview from a lenders point of view. 

Loan Checklist (PDF) – every lender has different requirements, be sure and contact your lender prior to the meeting and obtain an outline of required documentation.

Annual Credit Report – offers a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

Consumer Credit Counseling  LSS Financial Counseling services include; budget counseling, debt and credit help, housing counseling, financial education and bankruptcy services.

Funding Sources for Your Business

4 Directions Development
No grants available, they only provide business loans for Red Lake tribal citizens. They provide up to 25% of the total project costs based on the current balance of the loan fund. Loan funds are leverage through the MN with Indian Business Loan Program which provides up to 75% of the total project costs.

Headwaters Regional Finance Corporation – gap financing to new and expanding businesses.

Initiative Foundation– provides business, technology, green business, small business and seed investment loans

Leech Lake Financial Services
Loans from $5,000 to $50,000 and above, LLFS uses a USDA revolving-loan fund to provide capital to businesses on the Leech Lake Reservation and within 25 miles of the reservation boundaries. 

Minnesota Chippewa Tribe Finance Corporation Loan Fund 
All business loans require a 10% down payment of the total amount requested.  Collateral and personal guarantees from borrower and/or third party co-signers, is also required.  The down payment can be an equity contribution of assets that are utilized within the business operations, cash contributed towards start-up costs, or a combination of both. Borrowers are required to have a reasonable credit history, a written plan for repayment, and a comprehensive business plan. (Technical assistance is available through the MCT Business Development Center)

The Minnesota Indian Business Loan Program
Loan proceeds may cover start-up and expansion costs, including normal expenses such as machinery and equipment, inventory and receivables, working capital, new construction, renovation, and site acquisition. Financing of existing debt is not permitted.

 Office of Indian Energy and Economic Development (IEED) 
Capital investment and Indian Loan Guarantee Program

Native Community Development Financial Institutions The increase in Native CDFIs has been crucial in eliminating credit deserts and supporting Native Americans who wish to buy a home, start a business, or finance their education. Our guide explains the advantages of CDFIs and includes a list of every Native CDFI in the U.S., searchable by state and institution type.

NE Entrepreneur Fund – start-up and existing business loans.

Neighborhood Development Centers Small Business Loans 
Entrepreneurial Training, small business loans, business services and incubator space.

Northern Eagle Credit Union
Credit builder loans (with credit counseling , Emergency loans (anti-predatory loans that do not require a credit check), Auto loans,  Secured loans,  Other unsecured loans, Financial education,  Deposits and savings, Prepaid debit cards, Online banking, Checks/money orders

Northland Foundation – business loans, royalty investments and loan guarantees.

Northwest Minnesota Foundation – business, equity and entrepreneur development loan funds.

Northwest Regional Development Commission - low interest financing to create, expand and retain businesses in the area.

Region Five North Central Economic Development Association, Inc. – Revolving loan fund

Southern Minnesota Initiative Foundation – small enterprise and revolving loan fund.

Southwest Initiative Foundation – provides micro-enterprise and revolving loans.

West Central Initiative – small enterprise, business and industry, childcare and component fund loans.

White Earth Investment Initiative-  consumer loans, business loans, free tax services, home loans and home ownership services.