LEDC is a Community Development Financial Institution (CDFI) certified by the US Department of Treasury and is the only CDFI in Minnesota comprised of Latinos.
We want to help you start your own business or take your current business to the next level. How do we do it? Every year we help hundreds of people fulfill their entrepreneurial dreams through our financial products.
With a wide range of flexible products, our lending department can help you find the best fit to help you on your entrepreneurial journey.
Even if you might not meet the requirements to get a loan from a traditional bank, we will work with you to create a tailor-made solution for your business needs.
Up to $50,000
Get the financial backing you need to start your new venture. Our loans will provide the economic boost you need to turn your dream into reality. This loan is specifically for start-ups and businesses that are less than two years old.
Up to $150,000
Do you need to purchase equipment or a vehicle quickly? Our Fast-track Loans are designed to close swiftly so you can get what you need for your business to flourish.
If you’ve been in business for at least three years and can show profits over the last two years, our fast-track loans can help you grow your business while preserving cash flow.
Up to $250,000
If you’ve been in business for at least two years, you can apply for our Business Expansion Loan. This product provides you with specialized financing to help you grow your current business.
Whether you need to increase production, diversify your products and services, or explore new markets, we’re here to back your vision of growth.
Up to $250,000
Do you need a commercial building? Get the perfect space for your business and protect your investment over the long term. Our Real Estate Loans can help you to achieve your dream so you can transform it into the perfect space for your venture. This way, you can control every aspect of your space and build wealth through ownership of business real estate.
If the building’s value is $250,000 or less, LEDC can finance the entire loan. If the building is worth more than that, we work with local banks to help you secure the loan, and LEDC’s loan serves as gap financing or for a down payment.
Up to $20,000
Individual small farmers or farm-related businesses can have access to capital for financing agricultural projects such as purchasing farms or supplies for planting, harvesting or general infrastructure needs. We offer financial support for crops, livestock, poultry and more.
At LEDC, we understand the importance of these aspects to offer solid financial solutions tailored to the individual needs of our clients.
Once a business is already up and running, we analyze its financial history, assess trends, and compare percentages to the relevant industry.
For emerging businesses or start-ups, we closely examine cash flow projections, assessing the financial viability of the company in its early stages.
We evaluate the borrower's liquidity and ability to meet the payment obligations associated with the loan proposed by LEDC.
We analyze the financial strength of the owner or guarantor, taking into account their personal obligations, credit history and family budget.
We consider the current debt with LEDC, evaluating its evolution and performance over time.
We review the collateral offered, evaluating its value and determining whether there are previous guarantees or liens that may affect the viability of the loan.
The process for applying for a LEDC loan:
• Attend the Business Structure Workshop
• Attend the Business Development Course
• Develop a business plan and gather documents
• Meet with an LEDC advisor
It all depends on you – how long it takes you to compile and send the necessary information to your business advisor. To make an appointment, call 612-724-5332.
Yes, you can get a loan with your ITIN (Individual Tax Identification Number)
Usually 60 months, but they may vary.
Our maximum and minimum rates vary and are set by committee. The rate depends on several factors: sources of available funds, risk rating, overindebtedness, and other factors.
Yes, it must be located in Minnesota.
You can use new or used equipment, vehicles, residential or commercial properties, inventory, and more.
LEDC will not finance businesses involved in adult entertainment, gambling, sale of illegal drugs or drug paraphernalia, usurious money services, speculative real estate, or businesses involved in illegal activity under applicable law. In addition, LEDC loan funds cannot be used to finance payment for educational purposes unless directly tied to an immediate business income opportunity or for personal expenses. Financing requests for the buy-out of an existing partner will be considered on a case-by-case basis. However, financing requests for the buy-out of a family member will generally not be considered. What costs may I incur when applying for a loan? Collateral perfection costs: UCC, DVS, Mortgage Registration in the appropriate county, among others.
For general questions and to schedule an appointment please fill the form bellow.
Lending
Email: info@ledcmn.org
