Loans available for Minneapolis businesses and non-profits affected by civil unrest
The U.S. Small Business Administration (SBA) has approved a disaster declaration for areas in Minnesota impacted by the recent civil unrest. Minneapolis businesses, non-profits, property owners, and individuals are now eligible to apply for low-interest disaster loans directly from the SBA.
There are three types of SBA Disaster Loans Available:
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Physical Disaster Loans to repair or replace disaster-damaged property owned by the business, including real estate, inventories, and equipment. Businesses and non-profits of any size are eligible.
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Economic Injury Disaster Loans for working capital to help small businesses and non-profits meet their financial obligations that cannot be met as a direct result of the disaster.
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Home Disaster Loans for homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
The deadline to apply for physical property damage is October 2, 2020 and the deadline for economic injury applications is May 3, 2021. See the SBA news release and fact sheet for more information; two online training sessions are also available.
Business and property owners with questions about the loan application should contact the SBA Virtual Disaster Loan Outreach Center.
Phone: (571) 422-6078 or (571) 422-6871
Email: FOCE-Help@sba.gov
For additional guidance and assistance with preparing financial documentation, Minneapolis businesses can consult with an advisor through the City’s Business Technical Assistance Program or contact the Minneapolis Small Business Team at 612-673-2487 or SmallBusiness@minneapolismn.gov.
Apply online
New small business grants of up to $15,000 available through Hennepin County
A new round of emergency funding for small businesses impacted by COVID-19 is available through Hennepin County beginning Thursday, July 30 at noon.
Eligible small businesses located in Hennepin County may apply for grants of up to $15,000 to support emergency relief and costs associated with reopening under public health guidelines.
Priority will be given to businesses that have received $5,000 or less in COVID-19 related emergency relief funding from other local, county, and state sources.
The application deadline is Wednesday, August 12 at noon.
Learn more
Complete guidelines and an application form will be posted when available. Materials will be available in in Spanish, Hmong, Oromo and Somali.
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