Minneapolis mayor R.T. Rybak is promoting the city’s growing economy and “pledged more than $11 million in workforce development and economic development strategies in 2008.”
What is included in the plans?
$4.7 million dollars of small business financing tools, including innovative loans with no interest to business owners whose religious beliefs restrict them from receiving traditional interest-based financing.
What’s that again…?
I’ll just quote submitter Bjorn on this one:
The Alternative Financing Program offers profit-based financing to Minneapolis business owners where no interest is paid or collected. The rate of return is based on an up-front profit payment that is added to the front end and amortized over the life of the financing. While this type of financing may be especially attractive to Muslim business owners whose religious beliefs restrict them from receiving traditional interest-based financing, the program is open to all small Minneapolis businesses (neighborhood retail, service or light manufacturing) to purchase equipment and/or make building improvements.
If you’re Muslim, you get an interest free loan! There are plenty of banks which are Sharia’a compliant, and can get around the issue of charging or receiving interest, and still do it. So, why is Minneapolis making a special exception?
[tags]atheist, atheism, religion, separation of church and state[/tags]