Minnesota businesses impacted by COVID-19 can now apply for loans through SBA
The COVID-19 outbreak has forced leaders to scramble to contain the virus and led to many businesses shutting down. (FOX 9)
(FOX 9) - Minnesota businesses can now begin the application process for loans being offered through the Small Business Administration, as the coronavirus pandemic continues to have a ripple impact on the economy, federal officials announced Saturday.
Efforts to contain the spread of COVID-19 have resulted in many small businesses grinding to a halt. Orders from the governor have left many restaurants and bars closed for eat-in dining, and concert venues shut down, while most customers are being asked to stay home.
This week, as part of a federal relief effort, the U.S. Small Business Administration announced it would make available low-interest federal disaster loans for businesses struggling to get by as a result of the pandemic.
Businesses can take out as much as $2 million at 3.75 percent for 30 years. Non-profits can get rates of 2.75 percent.
Business owners can apply online for loans.