Minnesota Emerging Entrepreneur Loan Program (ELP)
Minnesota Department of Employment and Economic Development (DEED)
$5K–$150K
MN emerging-entrepreneur loans
DEED's Emerging Entrepreneur Loan Program (ELP) channels state funds through a statewide network of certified nonprofit lenders, Tribal economic development entities, and Community Development Financial Institutions (CDFIs) to make loans to start-up and expanding Minnesota businesses. ELP specifically supports businesses owned and operated by Minnesota residents who are minorities, low-income persons, women, veterans, and/or persons with disabilities. DEED provides funds of $5,000 to $150,000 per project; businesses apply directly to a certified lender rather than to DEED. Each certified lender serves a particular community or region and may set its own loan sizes, target populations, and terms.
- Funding type
- Loan
- Level
- State
- Amount range
- $5,000 – $150,000
- Realistic amount
- Most ELP loans fall well under the $150,000 ceiling; many certified lenders focus on micro a…
- Deadline
- Rolling — apply directly to a certified lender
- Status
- active
- States
- Minnesota
- Payment model
- loan
Who qualifies
- Business must be based in Minnesota
- Business must be owned and operated by one or more Minnesota residents who are minorities, low-income persons, women, veterans, and/or persons with disabilities
- Both start-up and expanding businesses are eligible
- Borrower must apply through a DEED-certified lender (nonprofit corporation, Tribal economic development entity, or CDFI)
- Individual certified lenders may impose additional limits (loan size, target population, geography)
What it covers
Eligible expenses
- Working capital
- Equipment and assets
- Inventory
- Start-up and expansion costs
- Other business purposes as approved by the certified lender
Ineligible expenses
- Uses prohibited by the individual certified lender's policies
- Non-business / personal expenses
How to apply
-
1
Confirm ownership and residency eligibility
Verify the business is Minnesota-based and owned/operated by Minnesota residents who are minorities, low-income persons, women, veterans, and/or persons with disabilities.
~1 hrs
-
2
Identify a certified ELP lender
Find a certified lender serving your community or region. DEED maintains the certified-lender list and can help match you (ELP@state.mn.us). Lenders differ by geography and target populations.
~2 hrs
-
3
Apply directly to the certified lender
Complete the lender's loan application and provide a business plan, financial statements/projections, and the lender's required documentation. The lender underwrites and structures the loan using DEED funds plus its own capital.
~10 hrs
-
4
Close and draw the loan
Upon approval, execute the loan agreement with the certified lender. Many lenders also offer technical assistance alongside the financing.
~3 hrs
Because ELP runs through certified lenders rather than DEED directly, your choice of lender matters more than the program rules: each lender serves specific communities, sets its own loan ceilings (often below $150K), and frequently bundles free technical assistance. Email ELP@state.mn.us to get matched to a lender that targets your population and region — applying to the wrong lender wastes time even if you qualify for the program.
Deadline & timing
There is no single application deadline. Businesses apply directly to a certified ELP lender (nonprofit, Tribal economic development entity, or CDFI) at any time; DEED can help identify an appropriate lender (ELP@state.mn.us). Each lender has its own intake process and may have funding availability limits.
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Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.