The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. That’s why Governor Walz requested an Economic Injury Disaster Loan declaration from the SBA earlier this week.
Now, online applications for these loans are open to Minnesota businesses at: https://disasterloan.sba.gov/ela/
A few more details:
This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
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.
For more information visit the SBA’s Economic Injury Disaster Loan web page.
Download the three step process for disaster loans information sheet
The SBA is doing webinars THIS WEEKEND to explain the program in more detail, which you can sign up for here:
Sunday, March 22, 11 a.m.; Register
SBA disaster loan information at https://disasterloan.sba.gov/ela/Information/Index
Information for small businesses affected by coronavirus at www.sba.gov/coronavirus
All coronavirus-related federal government resources: www.usa.gov/coronavirus
DEED’S COVID-19 information and resources for businesses COVID-19 update page.
DEED Developments Blog