WHO QUALIFIES

The Pohlad Foundation is seeking viable, existing businesses that prior to the economic recession were cash flowing but are now struggling due to the recession. 

• Privately-owned, for profit
• Annual sales up to $10 million
• Fewer than 50 employees
• For loan applicants - application to a traditional banking institution made and denied (this applies if your loan was denied or if you received a portion of your requested loan and need gap financing to fill in the remaining amount)

The Pohlad Foundation is offering two types of loans totaling 1 million in loan dollars statewide to help small businesses with working capital and capital improvement expenses.

working capital loan

Short-term, low-interest (3%) working capital loans up to $75,000 to continue business operation

capital improvement loan

Short-term low-interest (3%) capital improvement loans up to $75,000 to finance improvements consistent with the company’s strategic plan

Steps:

1.  businesses apply online by September 11 (from the Minnesota Chamber's website)

2.  the application will be received by Greater Mankato Growth and the Minnesota Chamber

3.  applicants will receive a confirmation of receipt

4. businesses will be notified of application status once information is available

5.  a committee of 5-8 people will be formed by Greater Mankato Growth to review the applications (all committee members will sign a standard confidentiality agreement)

6.  the committee will work with the top two applicants to strengthen their applications

7. September 28 Greater Mankato Growth will submit the top two applications to the Minnesota Chamber

8.  November 1 the Minnesota Chamber will announce the recipients

9.  interest from the loans will roll over into a revolving loan fund

For questions on the process please contact Jill Klinger at 507.385.6649