Minority Business Development Division
Loans for minority-owned businesses
Provides a fixed rate, low-interest loan for the purchase of machinery or equipment, construction or renovation of land and buildings. A private lender may be required. A minimum 10 percent owner equity is required. The program has a job creation/retention ratio of $35,000 per job created or retained. Jobs must be created within three years of project completion.
State certified minority owned business.
Maximum loan of $450,000, but can be higher if supported by significant economic impact. Requires a $300 non-refundable application fee and a 1.5 percent commitment fee.