Emerging Entrepreneur Loan Program (EELP)

How to Apply

Application Submission:

Required Documentation

You will need to provide the following:

1. Business Plan
- Must be long enough to communicate how your company will be successful
- SBDC can provide free confidential help if needed

2. Financial Documentation
- Financial Projections for three years (template available if needed)
- Copy of Business Tax Returns for last three years (as available)
- Year-to-date Income and Expense Statement (for existing businesses)
- Balance Sheet (for existing businesses)

3. Personal Tax Returns
- Federal and State returns for last three years of all owners
- 2020 or 2021 returns (if available, to determine low-income eligibility)

4. Personal Financial Statements
- Completed Personal Financial Statements for all owners who own 25% or more of the company (template available)

5. Proof of Identity (submit ONE of the following):
- Copy of driver's license or state identification card (color copy preferable)
- Copy of passport

6. Proof of Minnesota Residency of Majority Owner (submit ONE of the following):
- Valid (non-expired/voided) Minnesota driver's license or state identification card (color copy preferable) - covers both identity and residency requirements
- Copy of personal Minnesota income tax return
- Current residential lease agreement or recent personal mortgage statement (dated on or after January 1, 2022)
- Recent residential utility bill in owner's name (dated on or after January 1, 2022)
- DD-214 from Department of Defense showing Minnesota address

7. Additional Documentation (if applicable)
- Veterans: Form DD-214 showing Honorable Discharge from Military Service
- Persons with disabilities: Documentation evidencing disability status

Application Process

1. Gather all required documentation
2. Ensure all files include company name in filename (e.g., SamsBakery-BusinessPlan.pdf)
3. Access the online application form on the RAEDI website
4. Complete the online application form
5. Upload all required documentation
6. Review your application for accuracy
7. Click "Submit"
8. Print the confirmation page as your receipt (no email confirmation will be sent)
9. Wait for contact: RAEDI staff will contact you about your application status on a rolling basis

Important Application Notes

• No multiple applications for same business: Only submit one application per business
• Session saving: If you don't complete your application in one session, you can return to finish it using the same computer and browser
• Multiple business applications: If assisting multiple business clients, complete each application in a new Private Window or browser to prevent cookie conflicts
• Document verification: Verify correct documents were uploaded before submitting; cannot be checked after submission
• Accidental multiple submissions: Not disqualifying; only the last submitted application will be considered
• Assistance available: The Small Business Development Center can provide professional guidance and free, confidential application assistance
- SBDC website: https://mnsbdc.ecenterdirect.com/signup - Other assistance providers may be used, but cannot guarantee loan approval

After Selection

If selected for a loan award, you may be asked to provide additional documentation to verify eligibility, including:

Review and Approval Process

1. RAEDI's finance committee evaluates applications
2. Committee makes recommendations to the RAEDI Board
3. Board advances applications to the Minnesota Department of Employment and Economic Development (DEED)
4. DEED makes final approval decision
5. Applicants will be contacted about status on a rolling basis

Fund Disbursement

Once your application is approved by DEED, your loan will be awarded by RAEDI via check sent to your mailing address as indicated on the application.

Notification

All applicants who provided an email address will be notified about their application status. Note: Due to large volume of applications, responses may not be immediate.