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: Continue reading “Mankato Recovery Loan Program Open for Application”
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.
Today Governor Tim Walz issued an executive order (20-15) authorizing The Minnesota Department of Employment and Economic Development (DEED) to create an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures. This program is different than the federal SBA loans that were also recently announced. Continue reading “State Emergency Business Loan Fund Announced”