Posts Tagged ‘ Emergency Loan Programs ’

Emergency Loan Program Applications Being Accepted

On Monday, March 23, the Minnesota Department of Employment and Economic Development (DEED) announced a Small Business Emergency Loan program to help business owners who are experiencing temporary cash flow shortages as a result of statewide orders to close restaurants, bars and other select public services.

Because of our long history of partnering with DEED in other lending programs, Southern Minnesota Initiative Foundation (SMIF) was chosen as one of nearly two dozen statewide organizations to accept Small Business Emergency Loan applications. 

Businesses located in SMIF’s 20-county region must submit applications directly to our SMIF lenders. See contact information below .

While the outline of DEED’s Small Business Emergency Loan program is available online, agency staff still are developing application approval criteria. For the time being our lenders are accepting applications and recording them in the order in which they are received. Loan consideration will start when DEED provides application approval criteria.

SMIF will require additional documentation before a loan application can be processed. We also strongly encourage applicants to confer with their bank about possible accommodations on existing loans.  

We understand the urgency of this situation for businesses across our region. We will do everything in our power to respond and act quickly to help our entrepreneurs and our communities. Please check our emergency response page for updates. We also will send email updates with criteria from DEED as soon as information becomes available.

Click HERE for the Emergency Loan Application.

Contact SMIF lenders with questions or to submit the application.

Source: Southern Minnesota Initiative Foundation

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