SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Minnesota residents. More details on the loan provided at the top of the page. For more info please visit

MN 16365 – SBA Offers Disaster Assistance to Minnesota Small Businesses Economically Impacted by the Coronavirus (COVID-19)

SBA (7a) Paycheck Protection Program 

The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs,  or other related costs such as group health care benefits during periods of paid sick, medical or family leave, and insurance premiums.  In addition, the capital can also be used to pay interest on mortgages, rent and utilities and interest on payments on any other debt obligations that were incurred before February 15, 2020.

Businesses interested in applying are encouraged to consult with their business bank first. For more information on local SBA lenders closest to your location, please visit their website.

Minnesota Small Business Loan Guarantee Program

Loan program for Minnesota businesses with fewer than the equivalent of 250 employees. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.

All loans will be made by lenders enrolled in the program – no loans will come directly from DEED.

Minnesota Employment and Economic Development Small Business Emergency Loans

Loan program to assist Minnesota small businesses directly and adversely affected by the COVID-19 pandemic. Loans will range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need

Eligibility: Only certain business are eligible to apply. Please review the list to see if your business is eligible: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/

Loan Terms:

  • Interest free
  • Must be paid back monthly over five (5) years and the first payment will be deferred six (6) months
  • Partial forgiveness may be available
  • Loans are only for Minnesota-based businesses

Application: You will need to complete an initial application and then submit it to one of the approved lenders listed on the website.

Minnesota Resources for Small Businesses

For more information, please visit their website.