The Community Wealth-Building Loan Program makes low-interest loans to community businesses that are at least 51% owned by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities.
This program was created by the 2023 Minnesota legislature. Applications for this program are currently being accepted by our partner organization.
DEED provides funding to a partner organization, specifically the Metropolitan Consortium of Community Developers (MCCD), to make loans to community businesses. To assist in the formation and growth of shared ownership and community businesses, MCCD also provides specialized technical and legal assistance either directly or through a partnership to help businesses become loan ready. A community business is either:
Each of these must be at least 51% owned, cumulatively, by persons who are Black, Indigenous, People of Color, immigrants, low-income, women, veterans, or persons with disabilities.
A Partner Organization must be a community development financial institution or a nonprofit corporation. In this case the legislature has designated the Metropolitan Consortium of Community Developers (MCCD) as the partner organization/lender.
Community Wealth-Building loans can:
The Partner Organization has authority to determine the specific interest rate, collateral requirements, and other terms of each loan. The state's share of a Community Wealth-Building loan can be no less than $50,000 and no more than $500,000.
Factors that the Partner Organization considers when evaluating a loan application include, in part:
Applications to receive no-cost business support and loans are accepted through our partner organization, MCCD.
Contact Electra Skrzydlewski, Director of Shared Ownership, at 612-814-0758 or by email eskrzydlewski@mccdmn.org.
Metropolitan Consortium of Community Developers
3137 Chicago Avenue South
Minneapolis, MN 55407
Contact Stephen Wolff, at 651-259-7415 or stephen.wolff@state.mn.us.
