Following Executive Order 20-15, the Minnesota Department of Employment and Economic Development (DEED) has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. This includes restaurants, breweries, bars, recreational or entertainment facilities, and similar establishments. View the complete list and details here. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.
Loans will:
- Range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need
- Be interest free
- Be paid back monthly over five (5) years and the first payment will be deferred six (6) months
- Partial forgiveness may be available
- Be provided to only Minnesota-based businesses
Businesses should apply directly through a certified lender.
A list of lenders and additional materials are available on the DEED website. Nonprofits are not eligible for this program.
NOTE: The program is still being developed and loans will be available soon.
Contact your Boyum Barenscheer professional for assistance.