Skip to main content

Disaster loan program now available to Minnesota small businesses impacted by the coronavirus pandemic

Loans were made available by the U.S. Small Business Administration.

Small businesses in Minnesota feeling the pinch from the novel coronavirus pandemic are now allowed to apply for disaster loans made available by the U.S. Small Business Administration. 

The opening of the Economic Injury Disaster Loan Program isn't a free pass to financial assistance, but it is an option for small businesses that have been hit hard by mandatory closures amid the epidemic. 

“Small businesses across Minnesota are putting the health of their neighbors before their bottom line,” Walz said Saturday. “This assistance will help our state’s businesses recover from the economic hardship caused by COVID-19.”

Businesses all across Minnesota, and select counties in Iowa, North Dakota, South Dakota and Wisconsin, can receive loans of up to $2 million with a maximum repayment period of 30 years. 

The loan can be used to keep up with accounts payable, debt, payroll and other bills. 

To be approved, the SBA will check credit history, look to see that a business can repay the loan, and collect collateral (real estate, for example) for all loans over $25,000. A lack of collateral doesn't mean a loan application will be denied, but any borrower will be required to "pledge collateral that is available." 

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Minnesota small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus,” said SBA Administrator Jovita Carranza

Get more information on the application process from a fact sheet here. You can also call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955. 

Facebook is also in the process of launching a program that will help up to 30,000 small businesses around the world with $100 million worth of cash grants and Facebook advertising credits. Learn more about the program here.

Next Up

Screen Shot 2022-01-17 at 9.39.38 PM

Jordan Greenway runs into Darcy Kuemper, sparks fight

Kuemper got knocked out of the game, leading to the brawl.

Kirill Kaprizov

MacKinnon's controversial goal helps Avalanche top Wild

Kirill Kaprizov's two goals were spoiled by a questionable call.

powell itasca jail jan 2022 resize

Attorney accused of sex assault misses hearing, DMs judge

He was arrested the next day after a warrant was issued,

lorie shaull vulcan snow park st paul winter carnival 2018

Winter Carnival: Get vaccinated or test negative before coming

Organizers are also reminding people to be mindful of the city's emergency regulations.

hospital, emergency room

Driver, 15 years old, hurt when car collides with SUV

The road was wet at the time, the State Patrol said.

Tyler Wahl

Minnesotans have the Badgers back in the national spotlight

Three of Wisconsin's four leading scorers are from Minnesota.

Francisco Liriano

Liriano retires: Remembering his meteoric rise as a rookie

There was no one better than Liriano from mid-May to late-July in 2006.


Uptown, coronavirus

Uptown small businesses: 'We are losing everything we have worked for'

The small businesses are rallying together with hopes of receiving financial support.

Governor Tim Walz

Walz says relief package is coming for Minnesota small businesses

Walz is prepared to call a special session and pass the package immediately.


Coronavirus: MN launches symptom screener website for businesses

Target is also selling no-touch thermometers to Minnesota businesses.

State Capitol.

Minnesota Republicans looking to make PPP loans exempt from state taxes

Congress made PPP loans exempt from federal taxes late last year.

pixabay - covid vaccine record card

COVID-19 booster shots now available to all Minnesota adults

Gov. Tim Walz's announcement qualifies around 1.7 million people in Minnesota for a booster shot.

N95 mask

Ellison to price-gougers: 'My office and I are coming after you'

A Little Canada-based company started selling N95 masks having never sold them before.