On March 7th, Governor Walz announced that new Economic Injury Relief Loans, provided by the Small Business Administration, are now available to Minnesota’s business owners impacted by this year's mild winter.
If your business has struggled in recent months due to weather abnormalities, you are encouraged to apply for Economic Injury & Disaster Loans (EIDLs). Click here to apply.
Need help applying? Refer to pages 7-12 of this SBA document for further direction.
What are EIDLs?
- Economic Injury & Disaster Loans (EIDLs) are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes
- Maximum loan amount is $2,000,000
- Help meet working capital needs caused by the declared disaster
- Help pay financial obligations and operating expenses which could have been paid had the disaster not occurred, i.e.,
- Fixed debt payments, payroll, accounts payable, etc.
- Extraordinary expenses caused by the disaster
- EIDLs do not replace lost revenue, lost profits or fund expansion
Loan Terms:
- Up to 30 years, based on ability to repay
- Low-Fixed interest rate 4%
- No monthly payments or interest for the First Year
Get Relief:
Need help applying? Refer to pages 7-12 of this SBA document for further direction.
For more information on relief assistance, or you have additional questions concerning the declaration and application process, please reach out to Disaster Assistance at disastercustomerservice@sba.gov or by phone at (800) 659-2955 from 8:00 a.m. – 8:00 p.m. EST, Monday through Friday.
If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
SBA Small Business Resource Partners
- Business consulting with a Minnesota Small Business Development Center
- Business mentorship with SCORE
- Business support with a Women’s Business Center
- Veterans Business Outreach Center for active duty, veterans, and family