Brooklyn Park Commercial Code Correction Loan

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The City of Brooklyn Park Economic Development Authority seeks to assist commercial property owners in the rehabilitation of existing commercial properties.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.

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612-335-5884   

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About the Loan

  • No maximum income limit.
  • Loan amounts from $1,000 to $25,000.
  • Terms up to 15 years.
  • All loans must be personally guaranteed by at least 50% ownership of the business, unless a nonprofit corporation. 

Property Eligibility

  • Commercial properties within the City of Brooklyn Park.
  • Loan approval is subject to credit and program guidelines.

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% 5 years 2.541% $17.53
2% 10 years 2.279% $9.20
2% 15 years 2.189% $6.44

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • 10% match required.
  • Fixed interest rate. 
  • Closing costs apply. 
  • Improvements must address corrective actions required by the City of Brooklyn Park. Repairs must improve the safety and structural integrity of the property. 
  • 1 bid is required from a properly licensed contractor.
  • For do-it-yourself projects, a materials list including prices is required.  The cost for labor and equipment purchase or rental may not be included in the loan.
  • 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.  

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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