Wealth Building Fund

The Wealth Building Fund provides loan capital to small businesses and emerging developers in the Lake Street and George Floyd Square.

The Wealth Building Fund provides loan capital to small businesses and emerging developers in the Lake Street and George Floyd Square areas. This initiative is a partnership between Lake Street Council (LSC) and Minnesota Consortium of Community Developers (MCCD), with support from the Minneapolis Foundation InvestMPLSFund.

Commercial Real Estate Gap and Acquisition Financing 

Loans are provided in partnership with banks or lending institutions for a range of projects including business or equipment purchases and leasehold improvements.

Financing for real estate acquisitions and property improvements for small business owners and nonprofits.

This is permanent term financing with terms of up to 10 years and no prepayment penalties.

Maximum loan size $350,000.

Who can participate? 

  • Entrepreneurs, emerging developers, and businesses are eligible to apply.  

  • Businesses or projects must be located on or within four blocks of Lake Street in South Minneapolis, or located adjacent to George Floyd Square (Nicollet Ave to 16th Ave and 33rd St to 43rd St).

  • For real estate financing, the borrower must occupy at least 50% of the building.

Language Assistance

Our Business Advisors speak English, Spanish, Somali, and Hmong.

Fee-Based Assistance 

Alternative fee-based financing is available to entrepreneurs seeking compliance with their religious beliefs.

Small Business Financing

Loans provided for a range of projects including:

  • business or equipment purchases

  • leasehold improvements

  • working capital

Loans may be stand-alone or provided in partnership with banks or lending institutions.

Loan size and terms vary and can range from $5,000 to $100,000+, depending on use.

Interest rates are 5% to 7% with flexible terms.

To apply for a loan

  1. Contact Howard Bailey at MCCD

  2. Complete an inquiry form at MCCDMN.org/form

Contact Us

Lake Street Council 
Yusra Mohamud, Business Advisor
612-295-1515
Yusra@lakestreetcouncil.org

MCCD
Howard Bailey III
612-712-7072
HBailey@mccdmn.org