SBA offering federal disaster loans for Minnesota small businesses

The U.S Small Business Administration is offering low-interest federal disaster loans for working capital to Minnesota small businesses suffering a substantial economic injury due to COVID-19. 

According to SBA Administrator Jovita Carranza, SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Tim Walz on March 18, 2020.

“Small businesses across Minnesota are putting the health of their neighbors before their bottom line,” Walz said in a statement. “This assistance will help our state’s businesses recover from the economic hardship caused by COVID-19.”

The disaster declaration makes SBA assistance available in the entire state of Minnesota and the contiguous counties in Iowa, North Dakota, South Dakota, and Wisconsin. Eligible businesses can receive loans of up to $2 million through the SBA 's Economic Injury Disaster Loan program.
 
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Minnesota small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus,” Carranza said.

For more information about SBA's fact sheet for the disaster loan, click here.