Last week, Gov. Mark Dayton and Department of Employment and Economic Development Commissioner Katie Clark Siebe announced plans to provide no-interest loans of up to $250,000 for start-up businesses.

State Sen. Dan Sparks, DFL — Austin, supports the initiative.

“This is a great program for businesses that need a little extra capital to get things going,” Sparks said in a press release. “With the economy’s continued improvement, many entrepreneurs are considering a new start-up. I am looking forward to seeing new businesses pop up here in southern Minnesota.”

In 2010, the Legislature created the Angel Tax Credit. Since that time the credit has provided more than $137 million to help hundreds of new companies across Minnesota. The new $6.7 million Angel Loan Fund will act as a supplement to the original program.

The new program will be administered by DEED and funded using a previously underutilized portion of federal dollars available through a “State Small Business Credit Initiative.”  For additional information, visit the DEED website at www.tinyurl.com/AngelLoanFund.