Minnesota is a declared disaster area. As a result, qualifying businesses that have substantial economic injury as a direct result of COVID-19 can apply for working capital to continue operations until the effects of the declared disaster have passed.
Up to $2 million. Interest currently is 3.75% and not to exceed 4%. Term not exceed 30 years. Repayment is ability to repay. SBA determines that you cannot get credit elsewhere. Physical property damage not required.
Eligibility: Small business, small agriculture cooperatives, private non-profit organizations, small businesses engaged in aquaculture.
Use: Only for working capital to continue operations until the declared disaster has passed.
Applicant must establish that the claimed economic injury is substantial and a direct result of the disaster.
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