Recent City Council Approvals
- Granted a conditional use permit to allow for the outdoor storage of 43 semi-trucks/trailers in addition to the trucks/trailers allowed for each dock door in a heavy industrial district at 10320 Naples Street NE.
- Granted a conditional use permit to operate a major auto repair shop with outside storage of six vehicles in light industrial zoning district at 9155 Davenport Street NE.
- Granted a conditional use permit to conduct passenger vehicle service in a light industrial zoning district at 9221 Baltimore Street NE. #400.
- Approved tobacco and tobacco products license for Super USA Gas Plus.
- Approved a therapeutic massage enterprise license to Elevate Fitness & Massage.
- Approved on-sale and intoxicating liquor licenses for Pal Mar Mexican Restaurant and Mariscos, 4 Taps LLC, and El Norte Mexican Bar & Grill.
- Approved a private wine and 3.2 on-sale intoxicating and Sunday liquor licenses for Fresh Picked Pizza.
- Approved renewal of currency exchange license for Al’$ Check Cashing and Your Exchange.
Minnesota DEED Announces Automation Loan
The Minnesota Department of Employment and Economic Development (DEED) launched the Automation Loan Program in November as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI).
This program provides companion loans from DEED to cover financing gaps and expand financing opportunities for businesses purchasing machinery, equipment, or software to increase productivity and automation.
DEED loans through the new program can be worth up to $500,000 and need to be made in conjunction with private financing. Applications are open now. Full terms and requirements are available on DEED’s website.
Regardless of the terms of the other private financing, the ALPP loan will have the following terms:
- Loan amounts up to $500,000
- 1 percent interest rate
- The term will be 5 to 7 years based on the life of the asset
- Payments may be deferred 6 to 12 months
- If requested by lead lender, DEED can take a subordinate position on collateral
The loan may not be used for the same purpose as any federally guaranteed private financing being used for the project.
The Automation Loan Participation Program is the fifth of six programs so far announced as part of the new SSBCI initiative. Other programs include:
The Growth Loan Fund, providing direct loans to innovative seed- and early-stage technology businesses.
The Minnesota Loan Guarantee Program, provides 80 percent loan guarantees for qualified loans made by enrolled institutions.
The Direct Investment and Multi-Fund Investment Programs, two venture capital programs offered by the University of Minnesota investing in Minnesota-based seed- and early-stage businesses in the advanced manufacturing, agtech/foodtech, climate tech, life sciences, software, and technology sectors.
There are additional details about this program – plus numerous resources for businesses – in the DEED Small Business Hub. Thank you for your ongoing partnership and helping DEED get the word out about this automation funding opportunity.