Minnesota Department of Transportation

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Working Capital Loan Fund

Disadvantaged Business Enterprises (DBEs) and Targeted Group Businesses (TGBs) awarded a MnDOT Negotiated Maintenance and Construction Contract and/or Professional/Technical contract or who are considering bidding on a contract may be eligible for loans up to $25,000.

MnDOT contracted with WomenVenture to administer the Working Capital Loan Fund. The program is designed to help certified DBEs and TGBs with loan readiness and the MnDOT loan application, as well as provide financial training, support, and assistance.

Loans

There are two types of working capital loans:

Loan terms

  • Loans are available up to $25,000 (or 50% of the contract, whichever is less)
  • The annual interest rate on the loan is the prime rate plus 2%
  • Loans must be repaid within 30 days after you receive payment from MnDOT
  • The total contract amount cannot exceed $250,000
  • Working capital loans are only available for DBEs and TGBs with a MnDOT contract, but those who are bidding for a contract can apply to be pre-qualified
  • There is no application fee

Minimum requirements

  • Minimum credit score of 575 preferred
  • Outstanding collection accounts are less than $1,000 and show evidence of repayments, and
  • Two years of business tax returns or personal tax returns (including all schedules) that show profitability

Loan terms

  • Loans are available up to $25,000 per contract (or 50% of the contract, whichever is less)
  • Loans are available for each MnDOT contract you hold, up to a total of $60,000
  • The annual interest rate on the loan is the prime rate plus 2%
  • There will be filing fees (as applicable), but no loan origination fees
  • Loans must be repaid no more than 120 days after payment of your last project invoice

Loan information

Eligible uses of loan funds include, but are not limited to, the following:

  • Working Capital
  • Machinery or equipment purchases
  • Other approved uses through MnDOT program

You must provide a copy of the executed MnDOT contract, the contract clearance submitted for the contract (if applicable) and you must meet for a 1:1 consultation with a financial consultant assigned by WomenVenture. All information and documentation submitted through the portal will be held securely and confidentially.

Apply