Zero-interest Start-up Business and Business Loan for Veterans

A reorganized and overhauled state program is providing a zero-interests loans of up to $20 thousand to recently retired military officials whose planning to manage a new business and to reorganize small businesses that suffered due to the loss of essential employees who served in U.S. military, said state Senator Claire Robling and R-Jordan, about a law approved during the 2010 lawmaking session.

The Minnesota Department of Employment and Economic Development (DEED), primary mission is to support the economic success of individuals, businesses, and communities by improving opportunities for growth, directed the Minnesota Reservist and Veteran Business Loan Program. Both business and start-up business loans are one-time and zero-interest $5,000 to $20,000 loans. Loan terms are for 4½ years and without repayment for the first 1½ years and equal monthly payments for the rest of the term.

The start-up business loans are strictly available only to businesses that are owed and managed by a newly retired veteran or a reservist recently on active military duty. In order to qualify for this loan program, a service member must have been on active military duty before or after September 11, 2001. Interested veteran must be separated from service under honorable conditions after having been on active duty for at least 181 consecutive days or the full active duty period or as well as after disability incurred while on active military operation.

Interested veterans can visit www.positivelyminnesota.com and www.tinyurl.com/veteransloanprogram to apply and to know more about the loan.

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