Minnesota to Offer Financial Relief to Small Business Owners and Non-Profits
We are just a few days into the Covid-19 mandatory shutdown of local bars, restaurants, gyms, theaters, and more, yet it feels like a lifetime. For a small business owner, I can only imagine the stress of the unknown. In a time when it feels that everything is crashing down, rest assured, there are some options out there. The state of Minnesota is seemingly on top of it, attempting to offer a little relief. The latest, a low interest, long term, disaster relief loan.
Over the last week, we've heard from many of Minnesota's small businesses who are facing significant hardships because of the COVID-19 crisis. Small businesses are the backbone of our communities, and now more than ever, we're looking to creative solutions like DEED's emergency loan program to help them weather these extraordinarily difficult times - Governor Tim Walz.
According to the Small Business Administration's website, these loans may be used to pay fixed debts, payroll, accounts payable and other bills. The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%. These loans have long-term repayment options, up to a maximum of 30 years.