Contact Northwest Minnesota Foundation
- Address
- 201 3rd Street NW Bemidji, MN 56601
- Phone
- 218-759-2057
- Website
- nwmf.org
Where they lend
Northwest Minnesota Foundation is an SBA-approved microloan intermediary serving Minnesota.
What an SBA microloan is
The SBA does not lend directly. It funds intermediaries like Northwest Minnesota Foundation, who lend up to $50,000 to small businesses and start-ups that banks usually turn down. The average loan is around $13,000, terms run up to seven years, and decisions rest with the intermediary rather than the SBA.
Almost every intermediary asks for the same things: a written business plan, financial projections, what the money is for, and your credit history. The plan is where most applications stall.
Before you apply
Northwest Minnesota Foundation will ask for a business plan with your application. We write SBA-ready plans built for microloan applications, with the financial projections lenders expect.
