Business Financing and Resources
There are a variety of resources available to you to help finance your business.
Microbusiness Loan Program
Due to a high volume of applicants the Brooklyn Park Development Corporation (BPDC) Microbusiness Loan Program will no longer be accepting applications at this time. If you have already applied, you will be notified by staff regarding your application status.
The Microbusiness Loan is a new Brooklyn Park Development Corporation (BPDC) program designed to provide resources to budding businesses. Eligible businesses can receive loans from $1,000 to $10,000 with a 2% interest rate and maximum term is 5 years with no prepayment penalty. This program can help businesses fund critical projects and build business credit and payment history which is critical when seeking larger investments in the future.
Potential funding needs
- Capital improvements
- Employee-related expenses
- Marketing assistance
- Technology updates: Hardware, Software, Subscription-based IT-related services
Real estate/equipment loan
These loans finance fixed assets/purchases and are designed to leverage other financing resources.
- Loan amounts of $50,000 to $300,000
- Project must be for a “for-profit” business located in Brooklyn Park
- Eligible loans are project dependent and include fixed assets and money for acquisition
- 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
Sewer Availability and Water Access Charge Deferral Program
The city’s Sewer Availability Charge and Water Access Charge (SAC and WAC) payment deferral program allows eligible businesses and property owners to pay the costs of up to 10 SAC and 10 WAC over 5 years at 3% interest.
View more information and apply to the SAC/WAC Deferral Program
Minnesota Investment Fund
Available through the State of Minnesota, the Minnesota Investment Fund provides low interest loans to help add new workers and retain high-quality jobs. The program focuses 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.
Minnesota Department of Employment and Economic Development
Find your next employees!
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
Is your business or organization ready to make a strategic investment into talent and workforce development? Then explore the opportunity of hosting summer interns with BrookLynk.
Brooklyn Park has a variety of workforce training and continuing education providers available within the City. The Workforce Center can help businesses find workers.
North Hennepin Community College