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Small Business Loan Guarantee Program
Overview
PED and the Saint Paul Port Authority have partnered with private banks and the Community Reinvestment Fund (CRF) on this program to provide gap financing to small businesses and emerging entrepreneurs that cannot secure conventional private or non-profit financing, but can demonstrate a capacity to repay loans.

For more information, contact Marshall Turner at (651) 266-6696.

Program Structure
The business owner provides at least 10% equity, a private bank provides up to 50% of project costs, the Community Reinvestment Fund (CRF) provides up to 40%, and the HRA guarantees from 5-20% of the CRF loan.

All loans and guarantees must be approved by the City’s Credit Committee, have 1.1 to 1 minimum debt service coverage and be secured by a minimum 1 to 1 collateral value.

Eligible Properties
Eligible properties include multi-use commercial real estate and industrial real estate. The owner must occupy 25% of the commercial space of the building. Investment real estate is not permitted.

Eligible Entities
Eligible entities include corporations, partnerships, limited liability companies, new, and growing for-profit, non-profits, and sole proprietorships located in or moving to Saint Paul.

Eligible Uses
Eligible uses include purchase of real estate or equipment, rehabilitation, new construction, tenant improvements, industrial equipment, refinancing of a contract for deed and expansion, provided no cash is taken out.

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