Minnesota Small Business Emergency Loan Program Launched
March 23rd 2020
In response to the financial pressure Minnesota businesses are facing in the wake of sweeping closures last week, Minnesota launched a Small Business Emergency Loan program to help businesses sustain operations.
The emergency loan program assists Minnesota small businesses impacted by Executive Orders 20-04 and 20-08. In summary*:
- Restaurants, coffee shops, cafes
- Bars, taverns and breweries
- Theaters, cinemas and performance venues
- Fitness and recreation centers
- Spas and Salons
- Entertainment Facilities
*For the full list of businesses impacted, please refer to the executive orders.
Minnesota Emergency Loan Details
The Minnesota small business emergency loans will:
- Range from $2,500 - $35,000 based on economic injury and financial need.
- Be interest free.
- Have a 5 year loan term, with monthly payments.
- Have the first payment deferred for 6 months.
- Have the potential for partial loan forgiveness.
To qualify, the business must:
- Be current on financial obligations as of March 1st, 2020.
- Be an existing small business, operating in Minnesota for at least a year.
- Be willing to provide a personal guarantee for at least 20% of the loan.
- Be in the process of seeking SBA Economic Injury Disaster Loan assistance and/or been denied by another lender.
More information about the emergency loan program and a link to the application can be found on the MN Deed Website here.
