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
400 Robert Street North, Suite 1500
St. Paul, MN 55101