Jun. 1—The Free Press
MANKATO — A metal fabrication company in Mankato was among 22 small businesses to receive a loan through the new State Small Business Credit Initiative, which is intended to help small businesses grow and succeed.
AmeriStar Manufacturing got a $492,000 loan through the program that is funded by the federal government. The business is on 9th Avenue, north of Highway 14.
The loans announced this week come from two of the SSBCI programs DEED is implementing: one to help companies purchase automation equipment to increase productivity in light of Minnesota's historically tight labor market, and another to help innovative seed- and early-stage technology businesses take off and grow.
Gov. Tim Walz and DEED announced that the state will award nearly $5 million in loans to small businesses across Minnesota. These businesses are the first recipients of funding through the state's new $100 million initiative.
"By investing in small businesses, we're investing in one of our state's greatest assets," Walz stated in a news release. "This funding will bolster small businesses and help Minnesota's economy continue to grow and thrive."
The initiative is funded by the federal government to expand businesses' access to capital.
The loans help to cover financing gaps and expand opportunities for businesses purchasing machinery, equipment or software to increase productivity and automation.