SBA Economic Injury Disaster Loan Program Now Open to Minnesota Small Businesses
The SBA Economic Injury Disaster Loan Program is now open to small businesses in Minnesota. The program offers low-interest disaster loans to help businesses recover from the adverse effects of COVID-19. Online loan training seminars have already been scheduled for this weekend (March 21-22), with more trainings to come in the following weeks. Further information is provided in this article.
The details of this loan program are as follows:
- Low-interest loans of up to $2 million available to small businesses and private non-profits.
- Loans may be used to pay fixed debts, payroll, accounts payable, and other bills.
- For small businesses, the current interest rate is 3.75%.
- For private non-profits, the current interest rate is 2.75%.
- Loans have long-term repayment options, up to a maximum of 30 years.
Applications for the SBA Economic Injury Disaster Loan Program are available here: disasterloan.sba.gov/ela/.
An information guide reviewing the three step process of applying, processing, and receiving an SBA disaster loan is available here: Disaster Loan 3 Step Process.
The following loan training programs have been made available by the SBA. These trainings will cover program eligibility, use of proceeds, terms, filing requirements, and additional small business resources. SBA’s Minnesota District Office will be hosting these trainings twice a day starting Monday March 23 at 9AM if you’re unable to register for a training this weekend. To register for loan trainings this weekend, please click on the following links:
- Saturday, March 21 @ 1:00PM – Register
- Saturday, March 22 @ 11:00AM – Register
- En Espanol – Sábado 22 de Marzo @ 12:00PM - Registrarse
The SBA will make information on other resources available to help small businesses on their website, such as future training calendar dates, here: www.sba.gov/mn.
For more on SBA programs related to the coronavirus, visit here: www.sba.com/coronavirus.