Minnesota Inclusive Growth Fund - Increase

Minnesota Inclusive Growth Fund (MIGF) has increase the max loan amount to $350,000 in financing at just a 5% fixed interest rate to eligible small businesses. As of November 13, 2023, the prime interest rate is 8.5% and we are excited to offer this below-market rate financing opportunity to help our local small businesses grow and thrive!   

MIGF is a new, collaborative effort amongst five local CDFI’s known as the Catalyst Coalition, to increase access to capital and business support small businesses throughout the state. MIGF funds can be used for working capital purchases including payroll, rent, utilities, COVID protocol updates and certain capital expenditures, defined as equipment, furniture, vehicles, fixtures, excluding real estate. Ultimately, the MIGF program was designed to allow small businesses located in underserved communities access the necessary financing to grow and thrive in a post-pandemic, civil unrest and now rising interest rate environment.

Interested small businesses can learn more about the program and complete a pre-application form.