Minnetonka Commercial Code Correction Loan
The Economic Development Authority in and for the City of Minnetonka is making funds available for businesses to make commercial code corrections.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- 2% APR
- Loan amounts up to $25,000
- Terms up to 5 years for projects less than $15,000, 10 years for projects between $15,000-$25,000
- No income limits
Property Eligibility
- Commercial properties located in the City of Minnetonka.
- Mixed use properties are eligible, but the loan funds can only be used for improvements to the area used for commercial purposes.
- Borrowers may be an individual or a business entity.
- Property owners or tenants are eligible.
Current Rates
Subject to change at any time. APR based on loan amount of $25,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 2% | 10 years | 2.27% | $9.20 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- Borrowers must match at least 10% of the total project costs.
- 1 bid is required for each project/contractor.
- Closing costs apply.
- All loans must be personally guaranteed by at least 50% of the business ownership.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- Repairs may improve safety, structural integrity, address accessibility issues or address any other areas of concerns as determined by a City of Minnetonka Building Official.
- Eligible projects include, but are not limited to: exterior painting, screening elements (i.e. fencing visible mechanical screening, visible trash enclosures), window and door repair or replacement, signage connected to the building, exterior lighting, building and health code related items, parking log improvements, improving exterior or architectural barriers that restrict the mobility and accessibility of elderly or disabled persons to a premises, installation of exterior security devices, landscaping improvements.
- Work initiated prior to loan approval and closing, unless due to an emergency, is not eligible.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
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