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Financing and Resources

City programs

Small business micro loan

These loans are designed to leverage other financing programs as well as private financing provided by the commercial banking community.

  • Loan amounts up to $50,000
  • Project must be for a “for-profit” business located in Brooklyn Park
  • Eligible loans must be used for working capital, inventory, equipment, and general operations
  • Loan interest rate is fixed at 10%
  • Loan repayment terms generally range from 3-5 years

Phone and email

Metropolitan Consortium of Community Developers
Rob Smolund
612-789-7337 ext. 260
Email Rob Smolund

Real estate/equipment loan

These loans are designed to leverage other financing programs as well as private financing provided by the commercial banking community.

Loan Summary

  • Loan amounts of $100,000 to $250,000
  • Project must be for a “for-profit” business located in Brooklyn Park
  • Eligible loans must be used for fixed assets, including land, building, machinery and equipment (no working capital)
  • Loan interest rate is fixed at market rate
  • Loan terms are equal with the life of the asset
  • At least 50% of the project financing must come from private lender or another source

Loan guarantee

The loan guarantee program allows business owners to access capital by providing guarantees for loans made by lenders. Brooklyn Park Development Corporation will issue a guarantee to your lender which will help you borrow the money you need. To qualify, annual business sales must be $5 million or less.

What kinds of loans are eligible?

  • Real estate
  • Machinery and equipment
  • Fixtures and furnishings
  • Inventory
  • Working capital
  • Lines of credit

Sewer Availability and Water Access Charge Deferral Program

The city's new Sewer Availability and Water Access Charge Payment Deferral Program allows eligible businesses and property owners to defer the costs of up to 10 Sewer Availability Charges and 10 Water Access Charges over a period of 5 years. 

Download SAC/WAC Deferral Program Guidelines (PDF)

Download SAC/WAC Deferral Application (PDF)

Phone and email

Erik Hansen
 763-493-8058
Email Erik Hansen

Additional resources

Hennepin County Bond Fund

The Common Bond Fund (CBF) Program is a revenue bond financing program for growing manufacturing companies in suburban Hennepin County. Owner-occupied manufacturing businesses expanding in or relocating to Hennepin County are eligible.

Potential projects can include the following:

  • Land acquisition.
  • New facility construction.
  • Additions to existing facilities.
  • Purchase and renovation of existing structures.
  • Purchase of production equipment.

Phone and email

Hennepin County
612-348-2215

Minnesota Investment Fund

Available through the State of Minnesota, the Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide.

Funds are awarded to local units of government who provide loans to assist expanding businesses.

Projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. At least 50 percent of total project costs must be privately financed through owner equity and other lending sources. There is a maximum of $500,000 per project.

Terms are up to 20 years for real estate and up to 10 years for machinery and equipment. Interest rates are negotiated.

Phone and email

Minnesota Department of Employment and Economic Development
651-259-7430

Job Creation Fund

The job creation fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.

Companies deemed eligible to participate may receive up to $1 to $2 million for creating or retaining high paying jobs and for constructing or renovating facilities or making other property improvements.

Visit Minnesota Department of Employment and Economic Development

Minnesota Job Skills Partnership

The Minnesota Jobs Skills Partnership (MJSP) Program provides training grants of up to $400,000 to educational institutions that partner with businesses to develop new-job training or retraining for existing employees.

Funds may be used for training-related costs such as curriculum development, instruction, training materials and supplies, training equipment, and instructor travel. A cash or in-kind contribution from the contributing business must match program funds on at least a one-to-one basis. More information is available from the Minnesota Department of Employment and Economic Development.

Minnesota Jobs Skills Partnership

Workforce training

Brooklyn Park has a variety of workforce training and continuing education providers available within the City. The Workforce Center can help businesses find workers.

Hennepin Technical College

North Hennepin Community College

Rasmussen College

Hennepin North Workforce Center

Chambers of commerce

Brooklyn Park is represented by two chambers of commerce.

North Hennepin Area Chamber of Commerce

Twin West Chamber of Commerce

 
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