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