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Small Business Disaster Loans Now Available in MN


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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