NFIB Urges Small Business to Take Advantage of Loan Programs ASAP
Aside from the significant Federal Paycheck Protection Forgivable Loan Program that was just enacted (click here for a summary) there are now SBA Disaster Assistance Loans and other new loans from the state of Minnesota to help small businesses deal with the coronavirus crisis. They are listed below. We urge members to consider the new federal program first.
SBA Disaster Assistance Loans
- Minnesota small businesses negatively impacted by COVID-19 can also apply for low interest SBA loans.
- The 30-year loans can be for as much as $2 million and have a 3.75% interest rate.
- Contact SBA by email at: [email protected] or 1800-659-2955.
State of Minnesota Small Business Loan Guarantee Program
- Another option is small business loans backed by the state of Minnesota that could bring as much as $50 million in new credit to Minnesota small businesses. The legislature enacted this plan in the recent coronavirus aid package. These state-backed low interest loans range as high as $500,000 for Minnesota small businesses. For more information go to:
https://mn.gov/deed/business/financing-business/deed-programs/loan-guarantee/
Small Business Emergency Loan Program
Recently, Governor Walz created this plan through an executive order and it will provide emergency loans for struggling Minnesota small businesses, ranging from $5,000 up to $35,000, at the discretion of the Minnesota Department of Employment and Economic Development/ DEED. Loan applications received during the COVID-19 emergency declaration will be eligible for approval. For more information go to:
https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
