Walz at Northfield to Mark $97 Million in Small Business Support

Friday, October 28, 2022

Governor Tim Walz and Minnesota Department of Employment and Economic Development (DEED) Commissioner Steve Grove Thursday hosted a roundtable with business owners at Reunion Restaurant in Northfield to celebrate $97 million in new funding to support small businesses announced last week.

"Thriving small businesses in every corner of Minnesota are the bedrock of thriving families and communities," said Walz. "I'm grateful for the opportunity to learn and listen from business owners and entrepreneurs on how these funding streams can help keep Minnesota's economy strong."

"Three out of every four Minnesotans work in small businesses, so hearing from small business owners is a critical part of our work and helps build the future of our economy," said Grove. "The new small business funding streams we're celebrating will have a significant impact for business owners around the state who need it most -- especially entrepreneurs of color, women and veterans."

Minnesota has experienced 12 consecutive months of job growth, and Governor Walz recently unveiled his ten-year economic expansion plan with long-term steps to continue to grow Minnesota's economy.

This new funding supports small businesses through the State Small Business Credit Initiative (SSBCI). Before the end of 2022, DEED will launch six U.S. Treasury-approved programs under the new initiative to benefit small businesses. The first program, the Minnesota Loan Guarantee Program, launched last week. The other small business funding streams launching in the weeks and months ahead include: loans to early stage technologically innovative businesses, automation loans and purchase loan participations. In addition, a partnership with the University of Minnesota will provide opportunities for direct investment venture capital and venture capital fund investments.

To help small businesses and startups navigate these new programs and understand the breadth of DEED's existing resources for small businesses, the agency has also launched a new online Small Business Hub at joinusmn.com/smallbusiness.