The actual interest rate is two percentage points below the base rate. The interest rate for the bank's loan is negotiated between the bank and the borrower. All loans must be secured by collateral and personal guarantee. On a year-round basis using the Business and Community Development application form. A business can only receive one loan every three years.
Applicants are eligible to receive more than one loan.
Loan Approval Loan applications are reviewed and evaluated to determine eligibility, credit worthiness and a number of other factors. Once a loan decision has been made, the borrower and participating financial institution receive written notification. If the loan is approved, DTED enters into a loan agreement or participation agreement with the borrower or financial institution. Approving Authority Minnesota Department of Trade and Economic Development. Contact DTED Representative Copyright 1999 - 2001, Minnesota Department of Trade and Economic Development.