Expanding a small business in the Minneapolis/St. Paul area requires capital, and finding funding can be a challenge. Fortunately, there are many options available for small business funding in Minnesota. Here are some tips to help you find the funding you need to grow your business in Minneapolis/St. Paul:
Explore Small Business Administration (SBA) Loan Programs
The SBA offers a variety of loan programs to help small businesses obtain the funding they need to expand. These loans are designed to help businesses that may have difficulty obtaining traditional bank loans. The SBA also offers counseling and training programs to help small businesses with financing and other aspects of business management.
Consider Minnesota Business Development Centers
Minnesota Business Development Centers (MBDCs) offer a range of services to small businesses, including access to capital. There are several MBDCs located in the Minneapolis/St. Paul area, including the Metropolitan Economic Development Association (MEDA) and the Women’s Business Center. MBDCs provide information on various funding options, including loans and grants, and can also provide assistance with the application process.
Look for Minnesota-specific Grant Programs
Minnesota has several grant programs that are designed to help small businesses grow and expand. For example, the Minnesota Job Creation Fund provides financial incentives for businesses that create high-quality jobs in Minnesota. The City of Minneapolis also offers a variety of grant programs to support small businesses in the area, as well as other types of funding assistance, all of which can be found on their website.
Check with Local Lenders and Community Development Financial Institutions (CDFIs)
Local lenders and community development financial institutions are another option for small business funding. These organizations provide loans and other financial services to businesses in their community. They may have more flexible lending requirements than traditional banks and can provide more personalized service. In Minneapolis/St. Paul, CDFIs such as the Neighborhood Development Center and the Metropolitan Consortium of Community Developers are good places to start.
Use Online Resources to Find Funding Opportunities
Online resources such as the Minnesota Business Finance Corporation (MBFC) and Minnesota Business Portal can be a helpful source of information on small business funding opportunities in Minneapolis/St. Paul. These resources offer information on funding programs, application requirements, and more.
Working with Haworth & Company
Finding funding to expand a small business in Minneapolis/St. Paul may seem daunting, but there are many resources available. Exploring SBA loan programs, working with MBDCs, researching Minnesota-specific grant programs, checking with local lenders and CDFIs, and using online resources can help you find the funding you need to grow your business. Before you jump into your expansion, set up an appointment with us to help you assess whether your business is ready to take the next step. We specialize in helping small businesses in the Minneapolis/St. Paul region to understand and improve their finances, and to be ready to grow their businesses the smart way.