Main Local Economy Information in Minnesota
Minnesota's economy is well-rounded, featuring strong sectors in healthcare, agriculture, manufacturing, and technology. The state is known for its medical technology advancements, thanks to companies like Mayo Clinic, as well as robust agricultural outputs in corn and soybeans.
Your Minnesota and Local Small Business Funding Guide
Minnesota offers several economic incentives for small businesses, including loan programs, grants for technological innovation, and tax credits for research and development.
Small Businesses in Minnesota
Small businesses in Minnesota benefit from a highly educated workforce, a supportive state government, and a culture of innovation, particularly in the healthcare and technology sectors.
Documents Needed to Get a Small Business Loan in Minnesota
- Detailed business plan with emphasis on innovation and market impact
- Financial statements including balance sheets, income statements, and cash flow projections
- Business and personal tax returns
- Proof of business registration in Minnesota
- Credit reports for both the business and its owners
Minnesota Department of Commerce: Key Functions and Contact Information
Website URL: Minnesota Department of Employment and Economic Development
Phone: [651-259-7114]
Address: First National Bank Building, 332 Minnesota Street, Suite E200, St. Paul, MN 55101
Local Resources in Minnesota
The Minnesota Small Business Development Center (SBDC) offers resources like business consulting, access to funding, and market research assistance.
How to be Successful with Business Funding in Minnesota
Leverage Minnesota's strong support for healthcare and technology sectors. Engaging with local economic initiatives and utilizing state funding programs can significantly enhance funding opportunities.
SBA Resources in Minnesota
The SBA provides Minnesota small businesses with loans, mentoring, and training programs tailored to the state's economic strengths, especially in manufacturing and technology.