Step 1: Register by completing the electronic inquiry form.
Step 2: Complete and sign the Mn/DOT WCLF
Application (Links provided after step 1).
Step 3: All owners of 20% or more must complete and sign a Personal Financial Statement. (Links provided).
Step 4: Enclose with your application:
- The Mn/DOT WCLF Application.
- Personal Financial Statement(s) for all owners of 20% or more.
- The most recent two years of federal business
income tax returns and all associated schedules.
- The most recent two years of federal personal income tax returns and all associated schedules for the applicant(s).
- The most recent business financial statements.
- The Company's business plan.
- Certificate of Incorporation, partnership agreement, or proprietorship.
- Evidence of DBE certification.
- Certificate of Good Standing.
Step 5: Mail or Deliver the completed application to MEDA at 250 2nd Ave. S, Suite 106, Minneapolis, MN 55401. Our office is open from 8:30 to 5:00 Monday through Friday.
Step 6: Review and Communication
- A representative from MEDA may contact you with questions or to request additional information regarding your application. MEDA is the administrator of the Mn/DOT WCLF.
- Completed applications will be submitted to the Mn/DOT WCLF Credit Committee for review.
- MEDA will contact you to report the Committee’s decision.
- MEDA will present successful applicants with a term sheet that summarizes the approval and to arrange for loan closing.
MNDOT Working Capital Loan Fund (WCLF)
The WCLF provides short-term financing to DBE's (Disadvantaged Business Enterprises) to help complete eligible Mn/DOT projects.
WCLF financing is for businesses that are financially healthy, but cannot obtain adequate financing from private lending institutions.
MEDA manages and administers the WCLF for Mn/DOT in conjunction with MEDA's other lending programs.
- Applicants may apply for up to $60,000 for multiple projects, but no more than $25,000 for a single project.
- Funds from the Mn/DOT WCLF are only for certified DBE firms under contract on Mn/DOT federally funded projects. This includes eligible projects let by local
agencies (Mn/DOT project numbers starting with SP or SAP).
- The Mn/DOT WCLF requires matching sources of
funding (Company, Vendor, Bank, or other) that equal or exceed the amount financed by the Mn/DOT WCLF.
- Interest rates not to exceed 8%.
- Loans are project specific and are to be repaid at the
completion of your portion of the contract.
- Eligible uses of funds include:
- Project mobilization
- Equipment rental
- Working capital