Governor Walz and the Minnesota Department of Employment and Economic Development (DEED) have announced that the state will award nearly $5 million in loans for 22 small businesses across Minnesota, including 2 in Red Wing.
These businesses are the first recipients of funding through the state’s new $100 million State Small Business Credit Initiative, intended to help small businesses grow and succeed.
The first loan recipients from the Automation Loan Participation Program include Food Service Specialties on Red Wing who will receive $500,000.
The Growth Loan Fund Program supports start-up development in Minnesota by investing in technologically innovative seed- and early-stage businesses and SAB Co. Software in Red Wing gets a $100,000 loan. Nonodropper in Rochester will recieve $120,000.