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Angel Loan Fund

Minnesota Department of Employment and Economic Development

U.S. CITIzens and residents
Minnesota
Coming Soon

Minnesota's Angel Loan Fund Program (ALF) provided an additional funding option for businesses certified (or could have been certified) to participate in Minnesota's Angel Tax Credit Program.

Benefits

  • Receive $20,000 minimum loan amount, $250,000 maximum
  • Funds may be used for start-up costs, working capital, business acquisitions and expansions, franchise financing, equipment loans, inventory financing, construction, and commercial, non-passive real estate acquisitions.

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Eligibility

  • Businesses certified to participate in the Angel Tax Credit Program during any of the program years with fewer than 500 employees.
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Application

  1. Business obtains Minnesota Angel Tax Credit Program Certification during any of the program years, or completes the Angel Tax Credit Certification Application verifying that they would have qualified for certification under the program.
  2. Business submits the ALF Business Enrollment Application Form and required supporting documents to DEED.
  3. Business receives ALF Acceptance Letter from DEED outlining maximum loan amount and eligible funding round beginning and end dates. Do not accept any funds until you receive official notice that you've been approved to participate in the program.
  4. Business submits the ALF Proof of Investment and Loan Request Form and supporting documents, once maximum investment has been raised during the eligible funding round.
  5. Business submits signed ALF Loan Agreement, ALF Promissory Note, and ALF Sales Proceeds Agreement.
  6. DEED distributes loan proceeds.

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Minnesota Department of Employment and Economic Development

Requirements

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