Minneapolis Empowerment Zone to make $ 1 million in Small Business Initiative loan funds available to local EZ businesses Community lenders to administer EZ loans and technical assistance August 1, 2002 (Minneapolis, MN) Thinking of starting or growing a small business in the Minneapolis? Check out the areas designated an Empowerment Zone (EZ)! With the assistance of local community lenders, the Minneapolis EZ had made available $1 million in small business loan funds and leveraged an additional $700,000 from community lenders to target EZ entrepreneurs. "We are excited about making this money available to small entrepreneurs, who normally might have many hurdles to leap over to borrow money from traditional sources," says Ten� Wells, President of WomenVenture, one of five community lenders that will administer the loans and technical assistance. "With our grassroots connections, we will be able to ensure that the money will reach the EZ community members who might want to start up or expand a small business and have limited funds." WomenVenture is an organization that provides technical and emotional support for women looking to start and grow a business.
"We chose to channel our funds through community lenders because they are frequently approached by minority populations and small businesses owners to support local innovation and business ventures no one else will," says Kim W. Havey, Director of the Minneapolis Empowerment Zone. "The Minneapolis Empowerment Zone Small Business Initiative Fund was set up to encourage community lenders to further invest in EZ small businesses and make increased loan funds and technical assistance available to increase the community's economic vibrancy." Of the $1 million available for EZ businesses, $100,000 is being made available for technical assistance grants, $200,000 for no interest deferred loans, and $700,000 for capital loans. For more information contact Whittier Community Development Corporation (John Flory, 612-879-0109), Northside Residents Redevelopment Council (Wafiq Fannoun, 612-521-0716), Minneapolis Consortium of Community Developers (Dave Chapman, 612-338-8729), Neighborhood Development Center, Inc (Mike Temali or Mara O'Neil, 651-291-2480), or WomenVenture (Jan Jordet, 651-646-3808). Each of these organizations can provide technical assistance as well as access to the Minneapolis EZ funding. The Minneapolis EZ is one of 15 round II urban zones designated in 1999 by the U. S. Department of Housing and Urban Development. Its mission is to support the creation healthy and sustainable communities through economic development and Community based service links. The Minneapolis EZ has been awarded $13.7 million in federal funding through 2002. For more information regarding this loan program, or about the three districts in the Minneapolis Empowerment Zone, please contact Sarah Moffitt, Minneapolis Empowerment Zone office at 612-673-2509 or visit their Web site at www.ci.minneapolis.mn.us/ez. Vaman Pai Communications Department City of Minneapolis 350 South 5th Street - Room 301M Minneapolis, MN 55415-1300 612.673.2123 952.365.6588 (pager) [EMAIL PROTECTED] _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
