Small-loan program kicks off in Minnesota for businesses affected by pandemic
March 30, 2020
ST. PAUL, Minn. – The Minnesota Department of Employment and Economic Development (DEED) announced the Minnesota Small Business Loan Guarantee Program, which was approved by the Minnesota Legislature last week.
This temporary program, established in response to impacts of COVID-19, provides another option for financing to help small businesses weather this difficult time. DEED estimates that this $10 million will guarantee $20 million to $25 million in loans for Minnesota small businesses.