SBA Economic Injury Disaster Loans Available to Minnesota Small Businesses

 

On March 20th, 2020 the Small Business Administration added Minnesota to the list of states eligible for small business disaster assistance.

Small businesses in Minnesota whose operations have been impacted by the Coronavirus can apply for an Economic Injury Disaster Loan to help meet working capital needs during the Covid-19 crisis.

The declaration of disaster period starts on 01/31/2020 and goes until further notice.

Loans can be up to $2 million at the following interest rates:

  • Businesses: 3.75%
  • Non-Profit Organizations: 2.75%

Repayment terms will vary by applicant, but can be up to 30 years.

Applications are available online.

In addition to the completed application, small businesses will need the following the following information to apply:

  • Completed copies of most recent Federal income tax returns.
  • Personal financial statement for each principal owning 20% or more of the business.
  • Schedule of liabilities and all fixed debts.
  • Current year-to-date profit and loss statement.

For more information and to access an application, visit the SBA's disaster loan webpage here.

As of March 20th, disaster loan assistance is also available in the following states:

Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington and West Virginia.