Northland Foundation assists region's small businesses to access interest-free financing
Friday, May 29, 2020
Soon after Governor Walz issued Executive Orders 20-04 and 20-08affecting restaurants, bars and pubs, beauty salons, gyms, and others, the State of Minnesota responded by establishing the Small Business Emergency Loans Program, administered through the Department of Employment and Economic Development. The five-year, no-interest loans range from $2,500 to $35,000 with the first payment deferred for six months.
The Northland Foundation, selected as a certified lender for the program, received $1.3 million in state funding designated for northeastern Minnesota borrowers. As of April 30, two dozen loans totaling $687,500 had been finalized to small businesses in the region.
To view which small businesses are recipients of the program please visit Business North.