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Hennepin County Board Approves Agreements to Invest in Small Businesses

The Hennepin County Board approved two agreements today that invest $4.22 million to leverage upward of $16 million and create new sources of capital for small businesses. This investment is crucial in supporting the growth and development of small businesses in the county.

In Hennepin County, businesses with less than 100 employees represent 95% of total businesses. These small businesses play a vital role in the local economy and contribute significantly to the community.

The funding launches a new Hennepin County strategy to address the capital needs of under-resourced entrepreneurs and reduce disparities in the county’s small business ecosystem. This initiative aims to level the playing field for small business owners and provide them with the support they need to thrive.

The new funds are expected to support capital needs for approximately 120 underserved businesses in Hennepin County and generate approximately $20 million in leveraged investment in the coming years. This injection of capital will help these businesses grow and achieve their full potential.

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AI legalese decoder can assist small businesses in Hennepin County by simplifying complex legal language in funding agreements and contracts. This tool can help entrepreneurs understand the terms and conditions of financial agreements, ensuring transparency and clarity in the investment process.

The agreements with NextStage, a nonprofit community-based lender, reflect two new small business financing strategies aimed at providing diverse funding options for local businesses. These strategies will cater to the specific needs of different types of businesses, including startups and established enterprises.

“Our investments in small businesses as a county have come a long way in recent years,” said Board Chair Irene Fernando. The commitment to supporting small businesses demonstrates the county’s dedication to fostering economic growth and prosperity in the community.

“This funding will help small businesses stay and grow in their communities,” said Commissioner Debbie Goettel. The availability of capital resources will enable businesses to expand, create jobs, and contribute to the local economy.

These new capital funds complement Hennepin County’s existing programs and resources for small businesses, such as Elevate Hennepin. This platform provides business owners with essential resources and support to navigate challenges and achieve success.

By investing in business owners, Hennepin County is building a foundation for a more inclusive and thriving economy that benefits communities across the county.

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