March 23rd, 2020

 
 

 


 
 












Today, the U.S. Small Business Administration (SBA) and the Minnesota Department of Employment and Economic Development (DEED) announced that COVID-19 disaster loans are now available for Minnesota small businesses. According to DEED: 

• This program can provide low-interest loans of up to $2 million to small businesses and private nonprofits.
• 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 nonprofit rate is 2.75%.
• These loans have long-term repayment options, up to a maximum of 30 years.

SBA is holding webinars this weekend to provide more information on the loans. 
Saturday, March 21, 1 p.m.; Register
Sunday, March 22, 11 a.m.; Register
en Espanol Saturday, March 21, 12 p.m.; Register
 
 
Need further assistance?
Visit the Minnesota Chamber's COVID-19 Business Toolkit
 651.292.4650
mail@mnchamber.com
400 Robert Street North, Suite 1500
St. Paul, MN 55101

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