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Hmong American Partnership is Newest SBA Minnesota Microlender

$350,000 Available for Small Business Loans from $500 to $50,000
Release Date: 
Friday, June 16, 2017
Release Number: 
17.17.MN
Contact: 
Sarah Swenty, sarah.swenty@sba.gov

MINNEAPOLIS – The Small Business Administration (SBA) has provided the Hmong American Partnership (HAP) $350,000 to loan to small businesses through its microlending program.  Located in St. Paul, Minn., HAP can now provide SBA microloans up to $50,000 to small businesses in Anoka, Dakota, Hennepin, Ramsey, Scott and Washington counties. 

“We’re excited to partner with the Hmong American Partnership to help small businesses in Minnesota start, grow and succeed,” said Nancy Libersky, SBA’s Minnesota district director. “SBA’s Microloan program will help HAP get critical dollars into the hands of entrepreneurs who are key to building our economy and creating jobs.”

The SBA Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average SBA microloan in Minnesota in 2016 was about $16,000. In addition to receiving funding, successful applicants will also benefit from counseling and training provided as part of the program. That training is designed to help businesses launch or expand more successfully.

“HAP is very excited to be one of the newest micro loan SBA lenders in the Twin Cities region, said Bao Vang, President and CEO, HAP. “We are happy to have secured $350,000 from SBA and we recognize their confidence in our ability to help small business owners achieve their dreams and potential.”

“We pride ourselves in understanding the unique business needs of the Hmong, Southeast Asian, and immigrant and refugee communities. With SBA support, we will continue to work towards achieving our mission and moving our communities from poverty to prosperity.”

The SBA provides funds to specially designated nonprofit lenders, such as HAP, which also have experience in management and technical assistance. Virtually all types of for-profit businesses that meet standards for the SBA Advantage/7(a) Loan Guaranty Program may apply for a Microloan, provided a microlender works in the geographic area of the business. Learn more at www.sba.gov/loans.

The Hmong American Partnership is a community development organization whose mission is: to empower the community to embrace the strengths of our cultures while achieving our potential. HAP provides critical services and support to more than 15,000 community members annually.

The Small Business Administration was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.  The Minnesota District Office provides SBA programs and services to the state of Minnesota. Working with our resource partners across the state, we help businesses start, grow and achieve success. Visit www.sba.gov/mn to learn more.

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