The Small Business Administration has announced an Economic Injury Disaster Loan program to support businesses affected by COVID-19. If you’re a business owner who has been impacted by this crisis, you can apply for a disaster loan online. There are a number of forms it is helpful to fill out beforehand, and you can see a list of those — along with more information about this program — here. In addition, the Small Business Administration’s Minnesota office is hosting two trainings, twice a day every day, until our community’s needs are met. Find the full listing of upcoming trainings and register by scrolling down the “Small Business Events” section of this website and selecting “show entire month.”
In another executive order, Governor Tim Walz authorized the Minnesota Department of Employment and Economic Development (DEED) to launch a Small Business Emergency Loan program for those whose operations have been affected by COVID-19. This program offers immediate assistance to small businesses and independent contractors, groups that are among the most impacted by the pandemic. The program is designed to help with immediate needs as federal and other aid programs get underway, including independent contractors’ needs – we have many of these workers in our community, and getting resources to them is critical.
In total, this program will deploy $30 million in state funds through a lender network to make loans of $2,500 to $35,000 for qualifying small businesses. The loans will be 50% forgivable and offered at a 0% interest rate. If you have questions, email ELP@state.mn.us.