Coronavirus Emergency Loans and Resources
There are emergency loan programs for businesses from the US Small Business Administration (SBA), the State of Minnesota through their Department of Employment & Economic Development, and Renville County HRA/EDA, detailed below with links.
Renville County Pandemic Business Resource Directory
US Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL)
Website with more info and application: www.sba.gov/disaster
Loans: Up to $2million. For profit businesses: 3.75% interest. Nonprofits: 2.75% interest.
Where to apply: Loans are directly from the SBA. Apply online at: www.sba.gov/disaster
Online training on application process: https://youtu.be/z-dHh64AxUg
State of Minnesota / DEED Small Business Emergency Loans (SBEL)
Eligible businesses: Businesses effected by MN Executive Orders 20-04 and 20-08 (largely service and hospitality businesses)
Loans: Up to $35,000 at 0% interest. Designed to be a bridge loan until SBA financing is received.
Website with more info and application: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
Where to apply: Southwest Initiative Foundation www.swifoundation.com or 320-587-4848
Renville County EDA Emergency Business Bridge Loan Program
Eligible businesses: Renville County Businesses that have been impacted by the COVID-19 / Coronavirus and response.
Loans: Up to $2,500 at 0% interest while funds last. Available on a first come – first served basis. Designed to be a bridge loan until SBEL and SBA financing is received.
Click here for the application and guidelines.
To submit: Email completed application to: email@example.com
Questions: Email firstname.lastname@example.org or call 320-523-3837
Assistance with understanding these programs and filling out application:
MN Small Business Development Center: www.sbdcassistance.com or 507-537-7386
All services are provided at no cost.