Small businesses in Minnesota are about to get a shot in the arm with a helpful infusion of cash. Governor Walz has just introduced a new program that will benefit both new and existing entities.
Here’s Five Fast Facts on The Opportunity Fund:
- 💸 Whopper-Tunity - Walz has unveiled the Minnesota Expanding Opportunity Fund that will give $10M in low-interest loans to non-profit lenders who will, in turn, use that money to lend to Minnesota small businesses.
- 🏦 InDEED - The funding is through the Department of Employment and Economic Development (DEED) and is another part of Evers’ pro-small business efforts.
- 💰 Look Over There - Critics see this as a way to counter the business lobby’s opposition to Walz’s paid family and medical leave law. They claim that law will hurt businesses rather than help them and their employees.
- 👔 Small Saturation - If it is a political move, it’s a smart one for Walz’s: Minnesota has more than 500,000 small businesses that make up over 95% of businesses in the state. They employ over 1.3 million people, which is 47% of the total workforce. Walz and DEED have said they want to see even more get started.
- 💁🏻 Due Date - Applications are open through December 15, so if you’ve got a great idea for a combo Chainsaw and Cupcake Store, you’d better hurry.
🔥Bottom line: Sure, this is probably a political stunt but it does have its benefits. More small businesses leads to more local dollars and a potentially happier and prosperous Minnesota. It also creates more jobs that aren’t beholden to corporate overlords.
What do you think of the program?
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