The US SBA and MN DEED are now offering COVID-19 Small Business Emergency Loans
U.S. SBA LOANS:
The SBA will make loans of up to $2 million available to eligible small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
-These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments that can’t be paid due to the COVID-19 pandemic.
-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 can apply online directly through the SBA website: https://disasterloan.sba.gov/ela/
MN DEED LOANS:
DEED has established a Small Business Emergency Loan program to assist Minnesota small businesses that are adversely affected by COVID-19.
-Offering interest-free loans from $2,500 to $35,000.
-Repayment terms are up to five (5) years and the first payment can be deferred up to six (6) months.
-Applications available online: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
- SBA shares additional information as it becomes available via their newsletter. Sign up
- The SBA Minnesota District Office will also be posting information on Twitter
(@SBA_Minnesota) as it becomes available.
- For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
- For information on all federal programs, visit www.usa.gov/coronavirus.
ADDITIONAL RESOURCES (links located by clicking underlined titles below)
- Minnesota Department of Employment and Economic Development COVID webpage
with Minnesota specific information.
- New guidance outlines flexibilities that states have in administering their unemployment
insurance programs to help Americans affected by coronavirus.
- SBA Local Assistance website to find technical assistance providers in your area.