Community and Economic Development Associates (CEDA) has been designated a lending agency for the MN Department of Employment and Economic Development’s Emerging Entrepreneur Loan Program through its Microenterprise Fund (MEF).
Microloans are designed for start-up, newly established, or growing business. Funds will be made available to qualifying entrepreneurs based on established loan fund procedures. Funds from the Emerging Entrepreneur Loan Program are meant to finance small and micro businesses in Minnesota owned by women, people of color, low income individuals, disabled persons, and veterans. CEDA is looking to make loans about $5,000-20,000 in size and have a total of $65,000 in our current allocation. Loans are made on a first-come first-served basis.
Small business loans are to be used for: seed capital, working capital, purchases of inventory and equipment, real estate, building renovation and expansion capital. For details contact the Lake City EDA firstname.lastname@example.org.