Brooklyn Park’s small businesses can take advantage of two unique loan programs offered through the Brooklyn Park Development Corporation. Following is information on each of the programs.
Loan Guarantee Program
The loan guarantee program allows business owners to access additional capital by providing guarantees for loans made by lenders. BPDC will issue a guarantee to your lender which will enable you to obtain the amount of money you need.
What kind of loans are eligible for the loan guarantee program?
- Real Estate
- Machinery and Equipment
- Fixtures and Furnishings
- Inventory
- Working capital
- Lines of credit
- Startups
Small Business Loan Fund Program
The loan fund provides loans for Brooklyn Park businesses in partnership with your lender. The BPDC will work with your lender to set up a loan package at a reduced interest rate (lower than market rate). Two types of loans are available:
Fix-up Loans:
Available to retail, service and light manufacturing small businesses located in Brooklyn Park for exterior improvements. Eligible loan uses include:
- Signage, landscape and streetscape
- Entrances, doors, awnings, windows, cornices
- Roofing and lighting
- Parking lot improvements
- Masonry and exterior surfacing
Capital Access Loans:
Available to Brooklyn Park businesses, including start-ups. Loan uses include:
- Working capital
- Real estate
- Construction/rehabilitation
- Site improvements
- Machinery and equipment
For additional information, contact the city’s business developer at 763-493-8058 or bpdc@brooklynpark.org.
