The Northside Commercial Real Estate Revolving Loan Fund (NCLF)
The Northside Economic Opportunity Network (NEON) and Local Initiative Support Corporation (LISC) have partnered to form the Northside Commercial Real Estate Revolving Loan Fund. This fund is designed to spur BIPOC-led commercial real estate development in North Minneapolis, Minnesota as a solution to gentrification, displacement, and as a vehicle for wealth creation.
BIPOC controlled for-profit developers can apply for a range of financial products to cover the various stages of the commercial and residential development process including:
Predevelopment, including feasibility studies, and acquisition loans
Revolving working capital loans
Loans can range from $25,000 to $200,000 and are intended to be short-term (usually three years or less, paid back at the time of permanent financing, subsidy payments, construction loan draws) and market competitive. These loans do not take the place of traditional financial facilities, such as those offered by private banks. Rather, they cover the portion of a project - the predevelopment stage where BIPOC developers often do not find support.
NEON also provides technical assistance in assembling the development team, preparing pro forma statements, and navigating development process.
APPLYING FOR A LOAN
How to Apply for a Loan
We understand access to capital for a real estate project is particularly tough for BIPOC Developers in an under-served community such as North Minneapolis. NEON loan products are designed to meet your development distinct needs at all stages, including predevelopment, acquisition, and construction. We also offer bridge financing and working capital revolving loans.
Learn how to apply