by Jim Hammerand
Minnesota startups can get interest-free loans from a new $6.7 million state program announced Thursday.
The Angel Loan Fund will provide up to $250,000 in financing per startup for working capital, equipment purchases, construction, inventory financing, franchise fundings, startup costs and other expenses.
The Minnesota Department of Employment and Economic Development (DEED) is administering the program, which is funded through what the agency said is a “previously underutilized portion of federal dollars” through the State Small Business Credit Initiative.
The Angel Loan Fund is one of four DEED programs under that initiative. Together, they are projected to spur at least $150 million in lending to Minnesota small businesses and create 3,000 jobs.
“New businesses are the lifeblood of Minnesota’s economy, but many struggle to access …