MN Department of Employment and Economic Development
MN Deed launched a Small Business Emergency Loan Program
For small businesses affected by Executive Orders 20-04 and 20-08. Deed will use their lender network to make loans between $2,500 and $35,000 for qualifiying small businesses. The loans will be 50% forgivable, and offered at a 0% interest rate. If other financing becomes available to small businesses that received an emergency loan, such as federal funding, the emergency loan must be repaid.
Their website also includes information for employers regarding sales tax grace period, unemployment insurance and other frequently asked questions.
Small Business Administration (SBA) Disaster Loan
SBA disaster loans are now available for Minnesota small businesses adversely impracted by COVID-19.
- 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, accoutns 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.
Steps for Covid-19
Small Business Relief Spreadsheet
Please contact Jennifer Sterbenz with any questions: jsterbenz@twoharborsmn.gov
Click here for additional COVID-19 small business guidance from the SBA.