SBA Economic Injury Disaster Loan Program
Our state's small businesses are eligible for the SBA Economic Injury Disaster Loan Program and can apply for a loan online at SBA.gov/disaster.
- This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
- The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
- These loans have long-term repayment options, up to a maximum of 30 years.
Need help filling out the application? Access these step-by-step instructions
Paycheck Protection Program – What Businesses and Nonprofits Need to Know
As part of our “Too Local To Fail” effort, we want to help Minnesota small businesses be ready to apply for these funds. Click here to see what small businesses need to know and click here to see what nonprofits need to know.
The Minneapolis Regional and Twin West Chambers have curated a list of our member lenders that may be able to assist with SBA loan applications. Follow this link to see the list.
Info from SBA Partners and Other Agencies
Local Partner Info
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- Get help from SCORE mentors via the Coronavirus Business Resource Center.
- Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
- WomenVenture is open, ready to help and has created a COVID-19 Update Hub with details.
- Minnesota DEED has created a COVID-19 webpage with Minnesota specific information to help small businesses.
- WBDC/WBENC COVID-19 resources for Women Owned Businesses
- DEED has created a Small Business Emergency Loan Program.
- USDA Rural Development) has provided assistance to help rural residents, businesses and communities affected by COVID-19.
- Minnesota COVID-19 Unemployment Benefits Info.
Federal Program Info
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the Coronavirus.