The City of Mankato has created a recovery loan program to assist small businesses in Mankato. Businesses with 50 or fewer employees may apply for a deferred loan of up to $25,000 through this program for property and business improvements to help reopen and operate safely following Centers for Disease Control and Prevention, the Departamento de Empleo y Desarrollo Económico de Minnesota y Minnesota Department of Health guidelines.

Recovery loans are repaid over five years and have:

• A deferral period at 0% interest for one year.
• Two percent interest during five-year repayment period.

Eligible costs include:

• Physical modifications to building exterior or interior.
• Personal Protective Equipment (PPE) or other safety items needed for employees and/or customers.
• Purchase of inventory/business supplies to restart business operations.

Applications are available online.

The City of Mankato also has a $5,000 sustaining loan program available.