Loan program helps veterans, reservists

Secretary of State Mark Ritchie praised the Department of Employment and Economic Development on its recent announcement of the Minnesota Reservist and Veteran Business Loan Program.

“This $400,000 revolving loan program offers Minnesota veterans and reservists access to one-time, interest-free loans from $5,000 to $20,000 that can be used to start a new business or sustain an existing business,” said Secretary of State Mark Ritchie. “Self-employment through new business creation is key to our state’s economy.”

To be eligible for the loan program an individual must either be:

--A veteran who served on or after 9/11/01 who wants to start their own small business; or

--A reservist who is either a business owner or an employee of a small business who is being called to duty for more than 180 days.

For complete information about the program, visit: http://tinyurl.com/299m7et.

“This is good news for Minnesota businesses, veterans and reservists,” said Secretary Ritchie. “Applications are now being accepted and loans will be disbursed until all funds are committed. I encourage the business community to share this information.”

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