Small Business Administration (SBA) Loans
Small businesses in MN can now apply for the SBA Disaster Assistance Funds
The declaration allows all Minnesota small businesses (according to SBA’s size standards) with a substantial economic injury related to COVID-19 to apply for loans of up to $2M. These loans can go toward working capital to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. Interest rates are 3.75% for small businesses and 2.75% for non-profits. Business owners are now able to apply for a loan at https://disasterloan.sba.gov/ela/Information/Index .
The national call center is staffed seven days a week. Call them at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or email them at http://email@example.com.
The loan process can be found at the link below and turnaround time is approximately five days for review and the receipt of funds once the loan is approved takes approximately 3 weeks.