As an update to an earlier post on the Greater Mankato Blog on SBA Disaster Loan Funding, which details application considerations, late last night Minnesota businesses became eligible for the initial government tool for relief from the impact of COVID-19.
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
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
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.