Jennifer Lewerenz | Jun 12, 2018 AT 11:01 am
Photo: Associated Press
(KNSI) – The
Minnesota Department of Employment and Economic Development is accepting loan
applications through a new program designed to help early-stage businesses that
are developing high-tech products or services in Minnesota.
Innovation Loans for Entrepreneurs (MILE), is a pilot program that will provide
interest-free loans ranging from $20,000 to $50,000. Businesses approved for
loans under the program must have a 1-to-1 match from another funder and repay
the loan within four years, with no payments required in the first year. The
program is an initiative of the Minnesota Investment Fund.
may be used for working capital, intellectual property development, proof of
concept activities, commercialization planning, prototype design, market
feasibility studies and other startup activities as approved by DEED.