Emerging Entrepreneur Loan Program (ELP)

The Emerging Entrepreneur Loan Program (ELP) is a Minnesota state initiative run by the Department of Employment and Economic Development (DEED). Rather than issuing money directly, DEED funds a network of certified nonprofit lenders across Minnesota who then provide startup and expansion loans to small business owners from underrepresented groups.

This is a loan program, not a cash grant, despite sometimes being grouped with grant listings. Loan amounts range from $5,000 to $150,000, and businesses must apply through one of the certified nonprofit lenders in the network rather than applying to DEED itself.

The program targets Minnesota businesses owned and operated by minorities, women, veterans, low-income individuals, and/or persons with disabilities — groups that have historically faced greater barriers to accessing conventional business financing. For a small business owner in Minnesota who fits one of these categories, ELP can be a path to capital when traditional bank loans are hard to secure, since the nonprofit lenders in this network often have more flexible underwriting standards than commercial banks.

Because this is administered through a network of third-party lenders rather than a single centralized application, specific loan terms, interest rates, current availability of funds, and which lenders are actively participating can vary and change over time. Deadlines are described only as 'check current rounds,' meaning there is no fixed annual deadline — availability depends on lender capacity and funding cycles.

Business owners interested in this program should confirm current loan terms, participating lenders, interest rates, and eligibility specifics directly at the official DEED website before applying, as details may have changed since this listing was last updated.