An expanded and renamed state program is offering interest-free loans of up to $20,000 to recently retired military service members who want to start businesses and to established small businesses that suffered due to the loss of essential employees called to military service, said state Sen. Claire Robling, R-Jordan, about a law passed during the 2010 legislative session.
The Minnesota Department of Employment and Economic Development (DEED) is administrating the Minnesota Reservist and Veteran Business Loan Program. Both the business and start-up business loans are one-time, interest-free loans in amounts from $5,000 to $20,000. Terms are for 4½ years, with no repayment over the first 1½ years and equal monthly payments for the remaining three years.
Start-up business loans are available to businesses that are owned and operated by a recently retired veteran or a reservist recently on active duty. To qualify for this program, a service member must have been on active duty on or after Sept. 11, 2001. The individual must also have been separated from service under honorable conditions after having been on active duty for at least 181 consecutive days or the full active duty period (or after disability incurred while on active duty).
Applications for the loans are available at www.positivelyminnesota.com under reservist and veteran business loans. Eligibility details: http://www.positivelyminnesota.com/Business/Financing_a_Business/DEED_Business_Finance_Programs/Minnesota_Reservist_Veteran_Business_Loan_Program_2.aspx
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Source: http://www.shakopeenews.com/news/general_news/interest_free_business_loans_available_vets-107
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