Southwest Initiative Foundation is NOT working with any private consulting firms or other businesses to solicit customers, submit applications, or underwrite loans on behalf of Southwest Initiative Foundation. If any of your businesses get a call or email from a third party saying they are working with Southwest Initiative Foundation for a disaster finance program, they should hang up or delete the email, and not share any information. Then please contact us to report the incident.
Thanks to a concerted effort by the state of Minnesota and the SBA to contain the economic impact of Coronavirus, the state’s small businesses are now eligible for the SBA Economic Injury Disaster Loan Program and can apply for a loan online SBA.gov/disaster.
- This program can provide low-interest loans of up to $2 million to small businesses and private non-profits.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
- The current interest rate is 3.75% for small businesses. The non-profit rate is 2.75%.
- These loans have long-term repayment options, up to a maximum of 30 years.
- Need help filling out the application? Access these step-by-step instructions
Minnesota Small Business Emergency Loan Program
Southwest Initiative Foundation is a Minnesota Small Business Emergency Loan Program certified lender.
Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.
Find the application materials on DEED’s website. Nonprofits are not eligible for this program.
Loan Training for COVID-19 Related Economic Disruptions
Join a webinar to learn more about SBA’s Economic Injury Disaster Loan program, including program eligibility, use of proceeds, terms, filing requirements, additional small business resources. The SBA’s Minnesota District Office will be hosting these twice a day until demand is met. After registering you will receive the Skype webinar log in information.
Visit www.sba.gov/mn for webinar dates and information on other resources available to help small businesses during this challenging time.
Info from SBA, Partners and Sister Agencies
Southwest Initiative Foundation continues to share additional resources as they become available. This is not an all-inclusive list, and we will add resources as they become available.
Southwest Initiative Foundation
- Southwest Initiative Foundation is offering deferments for all current business loan clients. If you have questions about your SWIF loan, please connect with our team member you typically work with. You can also reach out to our Entrepreneurship Finance Specialist Selina Berning at (320) 583-0162
Local Partner Info
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
- WomenVenture is open, ready to help and has created a COVID 19 Update Hub with details.
- Minnesota DEED has created a Covid 19 webpage with Minnesota specific information to help small businesses.
- WBDC/WBENC Covid 19 resources for Women Owned Businesses
Federal Program Info
- For information on all federal programs, visit www.usa.gov/coronavirus or https://www.usa.gov/espanol/coronavirus (en Español).
- The IRS has established a web page to help taxpayers, businesses and others affected by the coronavirus.
- The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus, including use of Family Medical Leave
- New guidance outlines flexibility states have in administering their unemployment insurance programs to help Americans affected by coronavirus.