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

Click here for more information

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: eda@renvillecountymn.com
Questions:  Email eda@renvillecountymn.com 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.