- Minnesota Small Businesses Now Eligible For SBA Economic Injury Disaster Loan Program
- This Weekend: Loan Training for COVID-19 Related Economic Disruptions
- Info from SBA Partners and Sister Agencies
- Stay Updated
Minnesota Small Businesses Now Eligible For SBA Economic Injury Disaster Loan Program
Thanks to a concerted effort by the state of Minnesota and the SBA to contain the economic impact of Coronavirus, the state’s small businesses are now eligible for the SBA Economic Injury Disaster Loan Program and can apply for a loan on our website at SBA.gov/disaster.
- This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
- 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.
- Need help filling out the application? Access these step-by-step instructions
Apply Online
This Weekend: Loan Training for COVID-19 Related Economic Disruptions
Join us and learn about the SBA’s Economic Injury Disaster Loan program.
Saturday, March 21, 1 p.m.; Register
Sunday, March 22, 11 a.m.; Register
en Espanol
Saturday, March 21, 12 p.m.; Register
These trainings will cover program eligibility, use of proceeds, terms,filing requirements, additional small business resources. After registering you will receive the Skype webinar log in information.
Can’t make one this weekend?
The SBA’s Minnesota District Office will be hosting these twice a day, starting Monday at 9 a.m., until demand is met. Visit www.sba.gov/mn for more calendar dates and information on other resources available to help small businesses during this challenging time.
Info from SBA Partners and Sister Agencies
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
- WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
- Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
- WBDC/WBENC Covid 19 resources for Women Owned Businesses
Federal Program Info
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
- New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.
Stay Updated
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
If this newsletter was forwarded to you, sign up now to make sure you get additional information as it becomes available via sba.gov/updates.
We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join us there.
