The Department of Employment and Economic Development (DEED) recently announced that Gull Lake Sandblasting of Brainerd received a loan from the Northeast Entrepreneur Fund in the amount of $127,597 to be used for the purchase of real estate, equipment and additional working capital.
As a result of this project, one job was created and two more were retained.
“This is great news for our communities,” said state Rep. John Ward, DFL-Baxter. “Our area is still dealing with higher than average unemployment and every job counts. Every job, public sector or private sector, counts. I want to extend my congratulations and thanks to all who made this possible.”
DEED was able to help secure this funding with dollars from the State Small Business Credit Initiative Emerging Entrepreneurs Fund. The Emerging Entrepreneurs Fund primarily supports micro-enterprises and small businesses with fewer than 50 employees, targeting minority- and women-owned businesses and those located in economically distressed areas.
“Grants and guaranteed loans from programs like this one help Minnesota stay competitive with other states, help us attract new businesses to Minnesota, and grow the great businesses we already have like Gull Lake Sandblasting,” Ward said.