Two-Percent Commercial Corridor/Commercial Nodes Loans
What are City of Minneapolis Two-Percent Commercial Corridor/Commercial Nodes Loans?
Two–Percent loans provide financing to small Minneapolis businesses (retail, service or light manufacturing) to purchase equipment or to make building improvements on commercial properties located in designated Commercial Corridors and Commercial Nodes. A private lender provides half the loan at market rate and the City provides the rest, up to $75,000 at 2-percent interest. The loan term is set by the private lender and can be up to 10 years. Bank fees vary, but the City charges a 1 percent origination fee with a minimum of $150 due at closing.
After the Business Finance Division of the Department of Community Planning and Economic Development receives an application with supporting financing information and a lender commitment letter, preliminary approval takes about one week, with up to two weeks to close the loan. The City cannot finance any work started prior to the loan closing.
Who is eligible for a Two-Percent Commercial Corridor/Commercial Nodes Loan?
- All businesses located in a designated Commercial Corridor or Commercial Node
- The applicant may be individual owners, partnerships, corporations, tenant operators or contract for deed partners.
- Businesses that benefit low-to-moderate income persons by creating jobs or improving services
All Two-Percent Commercial Corridor/Commercial Nodes Loan recipients must:
- Repay the loan and be an acceptable credit risk
- Use contractors licensed in Minneapolis
- Meet Minneapolis city codes for all rehab work or equipment installations
- Comply with Minneapolis zoning ordinances
- Make efforts to hire Minneapolis residents through cooperation with the CPED Workforce Coordinator, the Minneapolis Employment and Training Network as well as JobLink.
- Not use funds for billboard advertising
Eligible improvements include:
- Lighting
- Walls, ceilings, floors
- Roofing
- Cleaning, painting, staining
- Entrances, doors, awnings
- Architectural changes
- Plumbing
- Accessibility
- Streetscape and parking lot
- Windows, cornices
- Electrical
- Air Conditioning
- Masonry
- Production equipment
- Signage
Equipment must be fixed and may not be replacement equipment
Financing of computers are approved on a case-by-case basis
Designated Commercial Corridors:
Commercial Nodes
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Sector
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Commercial Nodes
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Sector
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42nd Ave N & Fremont Ave N
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North
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13th Ave NE & University Ave NE
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East
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42nd Ave N & Lyndale Ave N
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North
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16th Ave SE & Como Ave SE
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East
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42nd Ave N & Thomas Ave N
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North
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22nd Ave NE & Johnson St NE
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East
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44th Ave N & Penn Ave N
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North
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29th Ave NE & Johnson St NE
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East
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45th Ave N & Lyndale Ave N
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North
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37th Ave NE & Central Ave NE
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East
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Glenwood Ave N & Van White Blvd
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North
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Lowry Ave NE & Marshall St NE
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East
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Lowry Ave N & Emerson Ave N
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North
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Lowry Ave NE & University Ave NE
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East
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Lowry Ave N & Lyndale Ave N
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North
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University Ave SE & Bedford St SE
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East
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Lowry Ave N & Penn Ave N
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North
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25th St E & Bloomington Ave S
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South
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Penn Ave S & Cedar Lake Rd S
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North
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35th St E & Bloomington Ave S
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South
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Plymouth Ave N & Penn Ave N
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North
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38th St E & 23rd Ave S
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South
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West Broadway & Penn Ave N
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North
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38th St E & 28th Ave S
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South
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36th St W & Bryant Ave S
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Southwest
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38th St E & 42nd Ave S
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South
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36th St W & Lyndale Ave S
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Southwest
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38th St E & 4th Ave S
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South
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38th St W & Grand Ave S
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Southwest
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38th St E & Bloomington Ave S
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South
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38th St W & Nicollet Ave S
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Southwest
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38th St E & Cedar Ave S
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South
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40th St W & Lyndale Ave S
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Southwest
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38th St E & Chicago Ave S
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South
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43rd St W & Nicollet Ave S
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Southwest
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38th St E & Minnehaha Ave S
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South
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43rd St W & Sheridan Ave S
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Southwest
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42nd St E & 28th Ave S
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South
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44th St W & France Ave S
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Southwest
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42nd St E & Bloomington Ave S
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South
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46th St W & Bryant Ave S
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Southwest
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42nd St E & Cedar Ave S
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South
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46th St W & Nicollet Ave S
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Southwest
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46th St E & Bloomington Ave S
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South
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48th St W & Nicollet Ave S
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Southwest
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48th St E & Chicago Ave S
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South
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50th St W & Bryant Ave S
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Southwest
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50th St E & 34th Ave S
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South
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50th St W & Penn Ave S
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Southwest
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50th St E & Hiawatha Ave S
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South
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50th St W & Xerxes Ave S
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Southwest
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52nd St E & Bloomington Ave S
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South
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54th St W & Lyndale Ave S
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Southwest
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54th St E & 34th Ave S
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South
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54th St W & Penn Ave S
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Southwest
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54th St E & 43rd Ave S
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South
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58th St W & Lyndale Ave S
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Southwest
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54th St E & Chicago Ave S
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South
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60th St E & Nicollet Ave S
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Southwest
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54th St E & Minnehaha Ave S
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South
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60th St W & Penn Ave S
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Southwest
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56th St E & Chicago Ave S
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South
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Nicollet Ave S & Diamond Lake Rd
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Southwest
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60th St E & Portland Ave S
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South
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|
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Cedar Ave S & Minnehaha Parkway
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South
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LRT Station Areas (1/2-mile radius)
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Sector
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Activity Centers
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Sector
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Blegan (Central corridor)
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East
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Mill District
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DT
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Union (Central corridor)
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East
|
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Warehouse District
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DT
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Huron Blvd (Central corridor)
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East
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Cedar Riverside (includes 7 Corners)
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East
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University and 29th (Central corridor)
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East
|
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Central & Lowry
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East
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Cedar-Riverside (Hiawatha line)
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East
|
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Dinkytown
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East
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Franklin Ave (Hiawatha line)
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South
|
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East Hennepin
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East
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Lake St/Midtown (Hiawatha line)
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South
|
|
Grain Belt Complex
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East
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38th St (Hiawatha line)
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South
|
|
Stadium Village
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East
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46th St (Hiawatha line)
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South
|
|
38th St LRT Station Area
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South
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50th St/Minnehaha Park (Hiawatha line)
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South
|
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46th St LRT Station Area
|
South
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VA Medical Center (Hiawatha line)
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South
|
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Chicago & Lake
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South
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|
|
|
|
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Franklin Ave LRT Station Area
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South
|
|
|
|
|
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Lake St / Midtown LRT Station Area
|
South
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|
|
|
|
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50th & France
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Southwest
|
|
|
|
|
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Eat Street (26th & Nicollet)
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Southwest
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|
|
|
|
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Lyn-Lake
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Southwest
|
|
|
|
|
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Nicollet & Lake
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Southwest
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|
|
|
|
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Uptown
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Southwest
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Commercial Corridors
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Sector
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Chicago Ave
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2nd St S to Franklin Ave
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DT
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Hennepin Ave - Downtown
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Mississippi River to I-94
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DT
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Lyndale Ave - Walker
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Dunwoody Blvd to I-94
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DT
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Nicollet Mall
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Washington Ave to Grant St
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DT
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Washington Ave
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35W to 10th Ave N
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DT
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Cedar Ave
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35W to Hiawatha Ave (includes 7 Corners)
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East
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Central Ave
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15th Ave N to 31st Ave N
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East
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Central Ave - South
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University Ave SE to 8th St NE
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East
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Hennepin Ave - East
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Mississippi River to 6th St SE
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East
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Riverside Ave
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15th Ave S to Franklin Ave
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East
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University Ave
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23rd Ave SE to Emerald St
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East
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Glenwood Ave
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I-94 to Cedar Lake Rd
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North
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West Broadway
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Mississippi River to 26th Ave N
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North
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Franklin Ave
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Nicollet Ave to 30th Ave S
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South
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Lake St - East
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Mississippi River to Hiawatha Ave
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South
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Lake St - Midtown
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Hiawatha Ave to Pillsbury Ave
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South / SouthWest
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Excelsior Blvd
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Lake St to 32nd St
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SouthWest
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Hennepin Ave - South
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I-94 to 31st St S
|
SouthWest
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Lagoon Ave
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Dupont Ave S to Humboldt Ave S
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SouthWest
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Lake St - West
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Pillsbury Ave to Abbott Ave
|
SouthWest
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Lyndale Ave - South
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I-94 to 31st St S
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SouthWest
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Nicollet Ave - South
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Grant St to 32nd St S
|
SouthWest
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Nicollet Ave - South border
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58th St to 62nd St W
|
SouthWest
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For more information contact Nila McDonald at (612) 673-5189 or Becky Shaw at (612) 673-5066.
All programs and guidelines are subject to change without notice.
Online information from the City of Minneapolis at www.ci.minneapolis.mn.us/cped
Updated September 2, 2009
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