Business Loans
Minnesota Chippewa Tribe Business Loan Fund
The Minnesota Chippewa Tribe Business Loan Fund provides financing to members of the Minnesota Chippewa Tribe for Businesses within the Investment Area (state of Minnesota).
Three types of loans are available: Business Loans, Micro Loans, and Commercial Real Estate Loans.
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Business Loans: $5,000 - $150,000, 4%-7% interest depending on the needs of the borrower and loan analysis, used for purchasing a business, equipment or maintenance and/or refinancing.
Micro Loans: $500 - $5,000, 7% interest, used for purchasing business, equipment or maintenance.
Commercial Real Estate Loans: $5,000 - $150,000, 4%-7% interest depending on the needs of the borrower and transaction time, used for the purchase or improvements of real estate for business and/or refinancing.
All applicants with any type of loan must have a business plan detailing how the business will operate and perform. (Technical Assistance is available)
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Business Development Technical Assistance: Four Types of Client Services
• Technical Assistant: Technical Assistant is available at the Native American Business Center.
Services Include:
• Client Assessment: Conducts a standardized client assessment including; identifying the client’s immediate and long term needs, establishes a projected growth track.
• Strategic Business Consulting: Two methods of providing business consulting.
• Personalized Consulting: one on one consulting services to foster the growth of minority businesses.
• Group Consulting: Clients attend seminars that provide education and training on important business topics.
• Access to Capital: Involves clients to secure the financial capital necessary to start-up and to fuel growth and expansion of their businesses.
• Access to Markets: Involves client to identify and access opportunities for increased sales and revenue.
Bureau of Indian Affairs (BIA): Eligible Applicants are to be a federally recognized Tribe and/or individual members of those tribes. These loans are made by private leaders, usually commercial banks, on which payment is guaranteed by the BIA up to 90% of the unpaid principal balance plus accrued interest in the event of default by the borrower. Projects must be located on or near a reservation to benefit the reservation economy.
Maximum loan amounts available for:
Tribes: $10 million
Corporations: $3 million
Individuals: $500,000
Minimum loan amount is $2500.
