Need a Financial Boost for Your Startup? MILE Offers Interest-Free Loans
Wednesday, July 18, 2018
Loan applications accepted through July 16
DEED is accepting loan applications through a pilot program designed to help early-stage businesses that are developing high-tech products or services in Minnesota.
The Minnesota Innovation Loans for Entrepreneurs – MILE – will support Minnesota’s robust emerging technology ecosystem by providing interest-free loans ranging from $20,000 to $50,000. Businesses approved for loans 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.
MILE funding 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.