Northeast Entrepreneur Fund - Financial Opportunities



"Promoting the entrepreneurial spirit and creating economic wealth and diversity."

	*Financing Opportunities*
		Whether you’re an entrepreneur launching a start-up business—or an established small-business owner looking to expand your operations—you know that business financing can be one of your biggest challenges. The Northeast Entrepreneur Fund can help analyze your business needs and discuss financing options. We’ll customize the right type and source of financing for starting and growing your business. Our flexible loan programs can provide financing in amounts as low as $1,000. For new, start-up businesses, loans up to $35,000 are available. For existing businesses, loans up to $100,000 are available. Eligibility for financing is dependent on the nature of the business, suitable collateral, and the experience and skill of the business owner. NEF can be the sole lender, or we can partner with banks, the Small Business Administration, or other economic development organizations to provide financing for your business. Benefits of a loan through NEF No application fee No origination fees Flexible terms Low closing costs Fixed interest rate Loan proceeds may be used for: Working capital Purchase of inventory, supplies, etc. Purchase of machinery and equipment Real estate Refinancing current debt You are eligible to apply for a loan if: Your business will be located in one of the following Minnesota counties: Aitkin, Carlton, Cass, Cook, Crow Wing, Itasca, Koochiching, Lake, Pine or St. Louis; or in Douglas County in Wisconsin. You live in one of these counties or an adjacent county. A completed loan application includes (but is not limited to): Loan application Business plan or project proposal Cash flow projections with assumptions (minimum two years, month-by-month) Two years of business financial statements (if already in business) Two years of business income tax returns (if already in business) Two years of personal income tax returns List of all collateral you intend to pledge Terms and interest rate NEF offers a variety of flexible loan products. Interest rates are fixed, with loan terms up to 10 years. Rates and terms are based on our analysis of need, risk and your capacity to repay the loan. How we decide whether to make a loan NEF is a character-based lender. In determining whether to make a loan, we assess factors such as: The feasibility and viability of the business The commitment, capability and creditworthiness of the business owner The collateral offered We may meet with a prospective borrower on several occasions to discuss their business plan, and we will conduct a comprehensive final review before presentation to the NEF Loan Committee. Borrowers who have not previously owned a business or who are starting a new business are required to demonstrate knowledge in business-related areas. How to apply Call NEF at 800-422-0374. Learn more Please contact us if you have questions about how to finance your business, or if you want to learn more about the services offered by NEF. We want to help you begin the process of starting, stabilizing or expanding your business.