Automation Loan Participation Program Funding Still Available
Looking to invest in equipment to improve your company's efficiency and capacity? Minnesota Department of Employment and Economic Development continues to accept applications for the Automation Loan Participation Program. Many manufacturers across the state have benefited and program funding remains healthy.
*ALPP program overview:*
* Up to $500,000 loan from DEED when matched with private lender financing
Eligible businesses must be in the manufacturing, warehousing, distribution, and technology industries purchasing equipment and/or software to add automation and productivity to existing operations
* Target 20% DEED contribution to the financing, may go up to 50% when lender proves need
* Qualifying business must have less than 500 employees, including parent company
* No equity contribution by borrower required
* 1.0% fixed interest
* 5 to 7 year term
* Collateral is required, may be subordinate to partner lender’s loan
* No job creation requirements
* Lender financing cannot be SBA 504, 7(a), USDA
If you have interest in learning more please reach out to Tiffany Fettig, Program Administrator at 651-259-7446 or
[email protected].
*Learn more about the program on DEED's website here* [ [link removed] ].
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