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Small Business Administration Loans Now Available for Businesses Impacted by COVID-19 Outbreak

Monday, March 23, 2020

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

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