SAINT PAUL — Governor Tim Walz and the Minnesota Department of Employment and Economic Development (DEED) announced on Tuesday a new effort to support and grow small businesses in Minnesota. The $10 million program will provide low-interest loans to small businesses, promoting the growth and success of Minnesota’s small business economy.

Governor Walz said, “Small businesses are foundational to Minnesota’s economic ecosystem – they’re at the heart of our communities, our workforce, and our state’s economy.”

DEED’s $10 million Expanding Opportunity Fund is designed to support historically under-funded small businesses operated by women, people of color, or in Greater Minnesota.

More information on the program can be found on the state’s website here.