I need some gap funding
TL;DR- the EDA has a gap loan program that can help fund up to 33.3% of your project costs up to $149k.
The EDA has pleased to offer gap financing through our revolving loan funds with up to a 4% interest rate for a term up to 10 years. The available funding is up to $149,999.00 or 33.3% of the total project cost.
Funding requests are due each month on the 2nd Friday.
Use the application forms below to be considered for available funds:
- EGF's General Application for Business Assistance
- Drop off/email over the required supporting documents:
1. Certificate of good standing from MN Secretary of State 2. Business plan/ opportunity summary, include details on intended use of funds, 5-year proformas, planned equipment, & staffing 3. Commitment letter from primary lender 4. Federal tax returns from previous 3 years on all entities for this application 5. Balance sheet and income statement 6. Guarantor's personal finance statements 7. Breakdown of funding, equity, and intended uses 8. Compliance documentation (MN Pollution Control Agency, Dept of Ag, Environmental Quality Board, MN Historical Preservation Office, other) - Info Release Form
*Contingent on Loan Committee approval, financial proformas, intended plans & outcomes roughly a 5 week review turnaround.