Minnesota

Minnesota Department of Employment and Economic Development (DEED)

Amount — Between $2,500 to $35,000

Term — Loans can be paid back over five years, with the first payment deferred for six months

Interest — 0%

Forgiveness — 50%

Eligibility –

Applicants must demonstrate their business has been adversely affected by the shutdown
Must be current on their financial obligations as of March 1, 2020
Have been operating long enough to demonstrate financial viability

Collateral — provide collateral or personal guarantee for at least 20% of the loan

Docs Required — Applicants must supply historical and projected financial information for the business, along with a personal financial statement for each owner with at least a 20% stake in the business

How to Apply — Through a certified nonprofit lender. Businesses can complete an initial application and submit to a certified lender in their county (list of certified lenders by county)

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Last Updated — March 31, 2020