Small businesses can apply now for loans, access resources to help recovery
MINNEAPOLIS – Mar. 3, 2022 – Minnesota small businesses can now apply for low interest financing of up to $200,000 from the Minnesota Inclusive Growth Fund (MIGF). The Fund is designed to increase access to flexible and affordable capital and small business support services for underbanked businesses across Minnesota that have suffered a direct economic disruption as a result of COVID-19 or civil unrest.
Created by a group of five leading Minnesota-based small business support organizations collectively called the Catalyst Coalition, MIGF places an emphasis on long-term recovery, growth, and businesses in low-to-moderate income or underbanked communities. MIGF is designed to equip community small businesses and mission-driven small business lenders with the support required to meet the unique rebuilding and recovery needs of the communities they serve.
The Fund offers two types of loans for small businesses that employ 20 or fewer employees or had less than $3 million in revenue in 2019. One loan for businesses seeking working capital and another for growth-stage businesses seeking financing for capital expenditures.
“We encourage Minnesota small businesses impacted by the COVID-19 pandemic or civil unrest to visit mngrowthfund.com and apply now,” said Anisha Murphy, Esq., director of community advancement for Community Reinvestment Fund, USA. “By designing and co-creating unique programs like MIGF that combine capital access with small business resource availability, we can help Minnesota small businesses recover and thrive during challenging economic conditions.”
Five mission-driven business support organizations are originating loans purchased by the Fund, including African Economic Development Solutions (AEDS), Community Reinvestment Fund, USA (CRF), Latino Economic Development Center (LEDC), Metropolitan Economic Development Association (MEDA), and Northside Economic Opportunity Network (NEON).
MIGF, which aims to raise $25 million, was made possible in part through initial support from Allina Health, Bush Foundation, Margaret A. Cargill Philanthropies, McKnight Foundation, Otto Bremer Trust, Target Foundation, and Wells Fargo.
For more information and to apply, visit: www.mngrowthfund.com
Quotes from MIGF Participants
“The pandemic has hit North Minneapolis businesses especially hard, but the trajectory is starting to change for the better. MIGF gives us an opportunity to ensure businesses have access to sustainable, responsible capital and resources as a means for recovery and continued growth.”
-Warren McLean, President, Northside Economic Opportunity Network (NEON)
“AEDS started 13 years ago with a mission to support entrepreneurship within the African community. Now we have a new, sustainable solution in MIGF that will offer flexible, affordable capital and accessible support services to Minnesota small business communities.”
-Gene Gelgelu, President + CEO, African Economic Development Solutions (AEDS)
“CRF has been part of the Minnesota economic development community for more than 30 years and is engaged with the Catalyst Coalition to help achieve our vision of a just economy that works for all. MIGF represents a new opportunity for collaboration in support of economic justice and equity through small business growth.”
-Keith Rachey, Executive Vice President and Chief Impact Officer, Community Reinvestment Fund, USA (CRF)
“For the Latino business community, MIGF is going to play an important role in helping entrepreneurs recover from the pandemic and continue growing. The Fund will allow us to engage with our small business communities in a new and impactful way, while providing them with the resources they need.”
-Henry Jimenez, Executive Director + President, Latino Economic Development Center (LEDC)
“At MEDA, our mission is to help BIPOC entrepreneurs succeed. We are proud to be a founding member of the MIGF as it creates an important new resource for us to help create and sustain positive, sustainable economic impact in our communities.”
-Alfredo Martel, President + CEO, MEDA
“We worked closely with the members of the Catalyst Coalition, to ensure the fund design would deliver on our collective impact mission while leveraging the capital of our funders for maximum impact.”
-Patrick Pariseau, SVP Lending, MEDA
Quotes from MIGF Supporters
“Allina Health is proud to support the MIGF as we collectively work to provide better access to opportunities that support our communities’ ability to reach its full potential by eliminating barriers to success. As a health care organization, we recognize that advancing diversity, equity and inclusion within the communities we serve is our responsibility. We also view it as an opportunity – to promote respect and understanding, to provide care that is centered on nurturing a sense of belonging for all stakeholders, to remove barriers that prevent people from living their fullest lives, and to improve the health of our communities by working together to heal the injuries caused by systemic inequality.”
-Lisa Shannon, President + CEO, Allina Health
“The five community lenders that have envisioned the Minnesota Inclusive Growth Fund have shown incredible leadership in support of our BIPOC small business communities. We are proud to be a part of this important initiative.”
-Jen Ford Reedy, President, Bush Foundation
“Cogent Consulting PBC has long worked to serve Minnesota business communities with a history of being underbanked and we’re proud to continue these efforts by supporting MIGF. Minnesota small businesses face a myriad of challenges, and this Fund will help by offering affordable capital and support services.”
-Susan Hammel, President, Cogent Consulting PBC
“MACP appreciates the opportunity to be part of this collaborative effort to remove barriers that limit access to capital and expand opportunities for small businesses across Minnesota.”
-Paul Busch, President + CEO, Margaret A. Cargill Philanthropies
“The McKnight Foundation is inspired by the energy and resilience of Minnesota’s small businesses. We are honored to partner with the Catalyst Coalition and CRF because equitable access to capital powers our state’s economy and benefits us all.”
-Elizabeth McGeveran, Director of Investments, McKnight Foundation
“Small businesses and entrepreneurs are critical to community health. But many members of our society are shut out from access to the capital needed to sustain and grow their businesses. The Minnesota Inclusive Growth Fund will be a much-needed new source of funding. As an organization that has long recognized and funded in this area, OBT is proud to be among the investors in what we believe will be a catalytic endeavor.”
-Daniel Reardon, Co-CEO + Trustee, Otto Bremer Trust
“At the Target Foundation, we believe that the power of partnerships and collaborative solutions can build a more inclusive economy. We’re proud to support the creation of MIGF to increase access to capital and help local small businesses recover and thrive now and into the future.”
-Jennifer Higgins, Director, Target Foundation
“We know successful micro- and small businesses fuel our economy and we are grateful to the Catalyst Coalition for their commitment to supporting entrepreneurs across the state through the development of the Minnesota Inclusive Growth Fund. The Wells Fargo Foundation is pleased to invest in this fund that’s providing vital access to capital that will ensure small businesses can recover and stay open in the midst of unprecedented challenges.”
-Patty Pannkuk, Senior Vice President for Social Impact and Sustainability, Wells Fargo
The Minnesota Inclusive Growth Fund (MIGF) increases access to flexible and affordable capital and support services for small businesses across the State of Minnesota, with an emphasis on long-term recovery, growth, and businesses in low-to-moderate income or underbanked communities.
MIGF was created by the Catalyst Coalition, a group of five leading Minnesota-based minority business support organizations (MSBOs), including Metropolitan Economic Development Association (MEDA), Northside Economic Opportunity Network (NEON), Latino Economic Development Center (LEDC), African Economic Development Solutions (AEDS), and Community Reinvestment Fund, USA (CRF).