The Minnesota Department of Employment and Economic Development (DEED) this week announced the availability of an automation financing program for small and mid-size businesses. Program funding comes from the federal State Small Business Credit Initiative (SSBCI).

The Automation Loan Program will provide low-interest gap financing to qualifying businesses “to cover financing gaps and expand financing opportunities for businesses purchasing machinery, equipment, or software to increase productivity and automation.” The program is aimed at employers with under 500 employees.

Interested small businesses can learn more about the program here.

In addition, small employers may be interested in DEED’s Automation Training Incentive Program, which offers grants of up to $35,000 for small businesses in the manufacturing or skilled production industry. The grants help offset the cost of training incumbent workers on new automation technology. Learn more here.

New Minnesota Small Business Resource Hub:

The state also recently announced the creation of a Small Business Hub, which consolidates information about and links to all of DEED’s resources for small businesses into one website.

Visit the DEED Small Business Hub here.