The City of Mankato has created a sustaining loan program to assist small businesses in Mankato. This loan is for Mankato businesses with 50 or fewer employees who have had a revenue decrease of 50% of more due to the COVID-19 pandemic. Eligible business owners may apply for a one time loan of up to $5,000 per applicant with a zero percent interest rate during the deferral period and two percent thereafter. Loans will be for a maximum length of 24 months from the time the deferral period ends. Eligible loan activities include operating capital to assist businesses with sustaining itself such as for lease/mortgage payments, utility bills, property taxes, supply and inventory. It is anticipated that funding decisions will be made in June. Applications must be submitted by June 1, 2020.
The application is available on the City’s website here.