Red Wing Port Authority Approves Emergency Grant/Loan Program
Friday, April 03, 2020
On April 1, 2020 the Red Wing Port Authority approved a new financing program for small businesses in Red Wing. “The Small Business Emergency Grant/Loan Program.”
Currently we have received 39 applications totaling $549,000 in request. At this time we are no longer accepting application, until further notice.
On April 1, 2020 the Red Wing Port Authority approved a new financing program for small businesses in Red Wing. The Small Business Emergency Grant/Loan Program utilizes the Port’s existing industrial revolving loan fund, which is now also available for retail and service businesses for 90 days (through 6/21/20) per an executive order of the Governor. Small for-profit retail, service and manufacturing businesses with no more than 30 employees may apply for up to $15,000, with 50% automatically forgiven as a grant and 50% structured as a loan. Loan terms (up to $7,500) include a 0% interest rate, 5-year amortization, with the first six months of no payments.