The Minnesota Department of Employment and Economic Development (DEED) is accepting applications from businesses seeking to increase productivity through automation. The Automation Loan Participation Program is designed to support manufacturing, technology and warehousing businesses with fewer than 500 employees.
As part of the program, Minnesota DEED will make companion loans to cover financing gaps and expand financing opportunities for businesses purchasing automation machinery, equipment, or software. Program highlights include:
- loans up to $500,000
- 1% interest
- 5-7 year term
The Entrepreneur Fund is an eligible lender to partner with on this program.
“We are very excited to be able to offer this great MN DEED loan program. This program allows Entrepreneur Fund clients to have up to 50% of their automation financing at a 1% interest rate. This low rate will save our clients tens of thousands of dollars over the life of their loan”, said Michael Lattery, Director of Business Finance.
Automation training grants are also available. The new Automation Training Incentive Program provides grants to small businesses for the purpose of training existing workers on new automation technology. Grants of up to $35,000 are available to small businesses in the manufacturing or skilled production industry for the express purpose of training incumbent workers as quickly and effectively as possible on new automation technology.
The Entrepreneur Fund encourages businesses that are interested in the program to contact their team at email@example.com or (218) 623-5747 to determine if their project is eligible and get started.