• Morrison County Rural Development Finance Authority Grant Funding Program

    Morrison County Rural Development Finance Authority is offering a new grant funding program. This program is available for small businesses in Morrison County with "small" being defined as 50 or less employees.  The Morrison County COVID-19 Business Assistance Program will provide grants of up to $5,000.  Applications can be found here: Application

    Applications will be accepted through Community Development of Morrison County through August 28 with review by the Morrison County Rural Development Finance Authority with grant awarding no later than September 30. Grant specifics including eligible expenditures and applicants are included as part of the application.


     

  • Little Falls Economic Development Authority

    Little Falls Economic Development Authority has authorized emergency small business loans for Little Falls businesses.

    Click here for detailed information


     

  • 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 .

    Details include: 

    • Rates range from 2.75%-3.75% with terms up to 30 years. 
    • Loan proceeds may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. 
    • Loans under $25,000 can be made without collateral while loans over $25,000 should be collateralized. (However, the SBA will not decline a loan for lack of collateral.)
    • The applicant must have an acceptable credit history and ability to repay the loan, as determined by the SBA.
    • No cost to apply nor any obligation to accept the loan if approved. 

    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://disastercustomerservice@sba.gov.

    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.

    Loan process: https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf