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MCCD outlines free business advising and gap-financing options for Minnetonka entrepreneurs
Summary
Tyler Hulsbeck of the Minnesota Consortium of Community Developers described the Open to Business program: free technical assistance, language-capable advisors, startup loans up to $50,000, gap financing and loans up to $350,000, and a 7% interest cap to keep costs affordable for small businesses.
The Economic Development Advisory Commission heard a presentation from the Minnesota Consortium of Community Developers (MCCD) about the organization’s Open to Business program and lending products for local entrepreneurs.
Tyler Hulsbeck, director of small business development at MCCD, said the nonprofit provides free one-on-one technical assistance, webinars, walk-in consultations and a lending program designed to serve micro-enterprises and underserved owners. "We do business technical assistance, and so this is 1 on 1 mostly technical advisory where we meet with small business owners," Hulsbeck said.
Lending and services: MCCD described two primary lending buckets—start-up loans (commonly up to $50,000) for businesses that cannot access bank credit and gap financing to bridge equity shortfalls on larger deals. MCCD said its overall loan program can range from $5,000 to $350,000 and that the organization takes a subordinated lien when partnering with banks. Hulsbeck noted an internal decision to cap interest rates at 7% coming out of COVID-era market pressures.
Local impact and metrics: staff and Hulsbeck said MCCD has provided services to eight businesses in Minnetonka year-to-date and recorded 49 direct advisory hours; local clients included multiple BIPOC- or immigrant-owned businesses and women-owned firms. In question-and-answer, Scott Anderson, director of lending at Twin Cities Land Bank, welcomed the gap-financing capacity and called it a valuable complement to existing local financing tools.
Why it matters: MCCD positions itself as a local, language-capable resource that can help early-stage and underserved entrepreneurs navigate permitting, projections and loan packaging. Staff highlighted ongoing outreach including a recent Thriving Thursday walk-in consultation event and plans to continue business-engagement programming.
