Help for Small Businesses

Thanks to a concerted effort by the state of Minnesota and the Small Business Administration (SBA) to contain the economic impact of Coronavirus, the state’s small businesses are now eligible for the SBA Economic Injury Disaster Loan (EIDL) Program and can apply for a loan on the SBA website at SBA.gov/disaster.

  • This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
  • 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. 
  • These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts.
  • Loan applications will be evaluated by SBA loan officers. Criteria includes:
    • Credit history acceptable to the SBA
    • Repayment abilities
    • Eligibility: business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons).
  • Need help filling out the application? Access these step-by-step instructions.

Forms to Fill Out FIRST

Here’s a list of documents you’ll need to provide to complete the application: 

The SBA HIGHLY recommends that you complete your application online, do not mail them in! However, preparing these documents before you go to SBA.gov/disaster will streamline the process for you.

Loan Training

Join the SBA to learn more about the Economic Injury Disaster Loan program. 

Monday, March 23, 1 pm; Register

Tuesday, March 24, 9 am: Register or 1 pm:  Register

Wednesday, March 25, 9 am; Register or 1 pm: Register

Thursday, March 26, 9 am: Register or 1 pm: Register

Friday, March 27, 9 am: Register or 1 pm: Register

These trainings will cover program eligibility, use of proceeds, terms, filing requirements, and additional small business resources. After registering, you will receive the Skype webinar log in information.

The SBA will be conducting trainings twice a day until demand is met. Spanish language training will be coming soon. 

Additional Resources

SBA partners and sister agencies are ready to help. This is by no means an all-inclusive list, but it should give you a good starting point to get the help you need to deal with the crisis at hand.

Local Partner Info

Federal Program Info

Stay Updated

For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.

To make sure you get additional information as it becomes available, visit sba.gov/updates.

The SBA will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join them there.

Still need help? Call the SBA’s Disaster Customer Service Center at
800-659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing can call 800-877-8339.