DEED Announces Names of Businesses That Received Small Business Emergency Loans
July 24, 2020
St. Paul – The Minnesota Department of Employment and Economic Development (DEED) announced that 1,020 small businesses throughout Minnesota received a Small Business Emergency Loan, which is different than the more recently announced Small Business Relief Grants. More than $27 million in loans were made from $30 million in special revenue funds allocated to the emergency loan program. The remaining $2.8 million was distributed to lenders to assist with loan administration and technical assistance expenses. DEED worked with lenders throughout Minnesota to implement the emergency loan program, which opened for applications in late March. Loans were issued to qualified businesses beginning in April and completed by June 30.