State Small Business Emergency Loan
Following Governor Walz’s Executive Order 20-15, the MN Department of Employment and Economic Development (DEED) has established an emergency loan program for small businesses affected by COVID-19. Loans range from $2,500 – $35,000; are interest free; and partially forgivable (up to 50%). If your business was directly affected by Executive Orders 20-04 and 20-08 (ie restaurants, bars, event venues, fitness centers, country clubs, etc) you can now apply for an emergency loan online at https://mn.gov/deed/business/financing-business/deed-programs/peacetime/.
Federal Small Business Administration Disaster Loans
The US Small Business Administration is now offering low-interest federal disaster loans for working capital to Minnesota small business affected by COIVD-19. This program can provide up to $2 million to small businesses and private non-profits operating in Minnesota. For more information about the program, or to apply for disaster loan assistance, visit https://www.sba.gov/content/sba-disaster-loans-minnesota-small-businesses-impacted-covid-19.