Mankato Recovery Loan Program Open for Application

CityMkto_LeadingTheWayThe City of Mankato has created a recovery loan program to assist small businesses in Mankato. Businesses with 50 or fewer employees may apply for a deferred loan of up to $25,000 through this program for property and business improvements to help reopen and operate safely following Centers for Disease Control and Prevention, the Minnesota Department of Employment and Economic Development and Minnesota Department of Health guidelines.

Recovery loans are repaid over five years and have:

  • A deferral period at 0% interest for one year.
  • Two percent interest during five-year repayment period.

Eligible costs include:

  • Physical modifications to building exterior or interior.
  • Personal Protective Equipment (PPE) or other safety items needed for employees and/or customers.
  • Purchase of inventory/business supplies to restart business operations.

Applications are available online.

The City of Mankato also has a $5,000 sustaining loan program available.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: