Minnesota small-business owners who are facing economic hardship during the COVID-19 outbreak can seek relief through the U.S. Small Business Administration’s (SBA) Disaster Loan Assistance Program.
Minnesota is among states where the federal SBA’s low-interest loans available to cover small-business operating expenses after a disaster declaration was issued.
Long-term repayment options of up to a maximum of 30 years are available at 3.75% interest, and at 2.75% interest for non-profits.
Read more about these loans at the Minnesota Department of Employment and Economic Development's website at: https://mn.gov/deed/newscenter/press-releases/#/detail/appId/1/id/424149
Businesses can defer payments for the first four months and it is recommended owners apply online at sba.gov/funding-programs/disaster-assistance