Info Sessions
The Metropolitan Consortium of Community Developers (MCCD) and the City of Minneapolis will host two informational meetings regarding the Central Corridor Small Business Forgivable Loan fund. We will review the specifics of the program and answer questions. Applications and other materials will be available.
About the Loan Program
The Forgivable Loan Program’s intent is to provide a modest safety net for businesses that show a decline in revenue due to the construction of the Central Corridor Light Rail Transit line. The forgivable loan may be used for basic business expenses, including payroll, inventory, rent/mortgage, utilities, taxes, marketing, and insurance.
Does your business qualify?
To qualify businesses must:
- Have no more than $2 million in annual gross sales
- Be independently owned with four or fewer locations
- Be located in the designated Central Corridor Light Rail construction zone
- Have been located at their current Central Corridor location for one year or more
- Are focused on selling products or services directly to the consumer and depend on walk-in traffic
- Have experienced a decline in revenue due to the construction of the Central Corridor Light Rail Line
Loan Details
Forgivable loan amount: Up to $20,000. Loan amounts will depend on demand and demonstrated loss of revenue.
Structure and Terms: Distributions will be structured as zero percent loans that will be forgiven at the rate of 20% for each year the business stays on the Central Corridor Line. Loans will be repayable obligations for the business owner if forgiveness terms are not met. The loan balance will be payable upon the sale of the business or its relocation from the Central Corridor.
To download an application or for more information please visit MCCD’s website at www.mccdmn.org or contact Dave Chapman at (612) 789-7337 ext.16. |
