Small Business Development

  • About the Program

    FAIM funds may be used to start or expand a small business in Minnesota.  The business must be for-profit, legal, feasible, viable, and sustainable to provide income to support the FAIM participant in the long term.

    Participants are strongly encouraged to begin working on requirements of this asset and connect with a small business center mentor early in their enrollment.  FAIM participants must choose a name for the business, register for an EIN with the IRS (even if operating as a sole proprietorship) register with the State of Minnesota, develop a detailed business plan and projected budget, open a business checking account at an insured financial institution, and work with a qualified mentor from a small business development center to refine and approve their detailed business plan.  Participants must complete 10 hours of training related to their business and the 12 hours of financial management training.

    Click to download: FAIM Guide to Business Development Requirements – Updated 4-26-2022

    Additional Small Business Development Resources:  Business Asset Online Resources

  • Eligibility

    • Be at least 18 years of age.
    • Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
    • Have earned income (wages from employment or self-employment).
    • Have total household net assets of less than $10,000.
    • Have combined household annual gross income at or below 200% of the current federal poverty guideline.
    • Have the ability to reach their saving goal in 24 months or less.
    • Have the ability to complete requirements and exit the program within a maximum of 30 months.

  • Additional Resources


Small Business Training
• Click to View Resource

Locate A Small Business Development Center (SBDC) In MN
• Click to View Resource

SBDC Resource
• Click to View Resource

SCORE
• Click to View Resource

Sales Tax Resources
• Click to View Resource

Register A Business With MN Secretary of State
• Click to View Resource

Register For Business EIN With IRS
• Click to View Resource

  • Frequently Asked Questions

Could FAIM be right for you?

Contact Us

Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.

Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.

Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.

Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.

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