The Minnesota Department of Employment and Economic Development (DEED) has established a loan program to provide a source of working capital to help businesses affected by the COVID-19 pandemic.
Loans will:
• Range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need.
• Be interest-free.
• Be paid back monthly over five (5) years and the first payment will be deferred six (6) months with potentially partial forgiveness.
• Be provided to only Minnesota-based businesses.
The Lake of the Woods EDA is here to help and will connect you with resources for state, local, and regional support. As details become clearer, we will keep our businesses informed. For more information on DEED’s Small Business Emergency Loans, click here.
The Small Business Administration (SBA) has announced that Minnesota small businesses are now eligible to apply for disaster assistance.
• This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
• These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
• The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
• These loans have long-term repayment options, up to a maximum of 30 years.
You should speak with your primary lender to help you decided if this is the right program for your situation, other resources may be a better fit for your needs.
UPDATE: Lake of the Woods EDA
Lake of the Woods EDA is offering eligible businesses emergency micro-loans to help provide short term working capital. Loan max is $10,000, Interest rates are 0%. For more information contact: Ryan Zemek at rzemek@hrdc.org, or 218-760-4729.
