U.S. Small Business Administration (SBA) Disaster Loans Now Available To Minnesota Businesses

 

Dear Business Owner,

We want to make sure you are kept up to date on resources as we weather this pandemic. Here’s an update as of 3/22/20. In the meantime, stay safe and healthy!

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 at https://disasterloan.sba.gov/ela/Information/EIDLLoans

Additional Resources 

  • SBA disaster loan information at https://disasterloan.sba.gov/ela/Information/Index
  • Information for small businesses affected by coronavirus at sba.gov/coronavirus
  • All coronavirus-related federal government resources: usa.gov/coronavirus
  • DEED’S COVID-19 information and resources for businesses COVID-19 updatepage at https://mn.gov/deed/newscenter/covid/employers/