COVID-19 News: DEED Creating Emergency Loan Program for Minnesota Small Businesses
The Minnesota Department of Employment and Economic Development (DEED) is creating an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures.
The loan program was created under the Small Business Assistance Executive Order 20-15 announced by Governor Tim Walz on March 23. The loan program is intended to help businesses temporarily closed under Executive Order 20-04, later clarified by Executive Order 20-08, which stopped onsite customer dining at restaurants and bars and closed an extensive list of other small businesses whose owners may not have adequate cash flow to withstand temporary closure.
Executive Order 20-15 directs DEED to create a Small Business Emergency Loan Program by making available $30 million from special revenue funds. These dollars will be used by DEED’s lender network to make loans of between $2,500 and $35,000 for qualifying small businesses. The loans will be 50% forgivable, and offered at a 0% interest rate. If other financing becomes available to small businesses that received an emergency loan, such as federal funding, the emergency loan must be repaid.
These emergency loans will be made by an existing network of lenders DEED works with across the state. Depending on the size of the loans offered to businesses, DEED estimates this emergency loan program will provide needed resources to between 1,200 and 5,000 businesses. DEED expects loan applications will available later this week through its lender network. Minnesota small businesses should send questions about this emergency loan program to [email protected].
The executive order also allows local units of government or lending partners which have a revolving loan fund to use those funds to issue loans to retail and service providers for the next 90 days. DEED estimates that up to $28 million in capital could be accessible through local revolving loan funds and local governments through this action. Local partners will be looking at ways to deploy these resources to support their local businesses.
For the latest information from DEED for employers and businesses and workers, visit the DEED COVID-19 Information page on the DEED website.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow DEED on Twitter.
Events Calendar
Calendar of Events
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1 event,
RSVP Bone Builders-Mondays
RSVP Bone Builders-Mondays
RSVP Bone Builders meet at: Redwood Falls Public Library from 9 am – 10 am
5 events,
RSVP Bone Builders-Tuesday
RSVP Bone Builders meets: Redwood Area Community Center at 10 am. Lamberton Community Center at 9 am […]
Friends of Gilfillan Farm Fest
Friends of Gilfillan Farm Fest
During Farm Fest Aug 2, 3, 4 we will be: Serving food in the pavillion Music on […]
Second Harvest Food Distribution
Second Harvest Food Distribution
Second Harvest food distribution pick-up is the first Tuesday of every month from 11 am - 12 noon […]
Redwood Area Alano Club-Tuesday
Redwood Area Alano Club-Tuesday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
2 events,
Redwood County Appliance and Electronics Collections
Redwood County Appliance and Electronics Collections
Bring your old, worn out, broken and unwanted appliances and electronics to the collection being held behind […]
Redwood Area Alano Club NA Meeting
Redwood Area Alano Club NA Meeting
NA Meeting at Redwood Area Alano Club. Every Wednesday Night 1008 S Ramsey St Redwood Falls MN
2 events,
RSVP Bone Builders-Thursdays
RSVP Bone Builders meets: Redwood Falls Public Library at 9 am. Redwood Area Community Center at 10 […]
Redwood County Museum
Redwood County Museum
Redwood County Museum by KLGR Radio Summer Hours starting on JUNE 2nd Thursday-Sun from NOON to 4PM
2 events,
Redwood Area Alano Club-Fridays
Redwood Area Alano Club-Fridays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Saturdays
Redwood Area Alano Club-Saturdays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Sunday
Redwood Area Alano Club-Sunday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
RSVP Bone Builders-Mondays
RSVP Bone Builders-Mondays
RSVP Bone Builders meet at: Redwood Falls Public Library from 9 am – 10 am
2 events,
RSVP Bone Builders-Tuesday
RSVP Bone Builders meets: Redwood Area Community Center at 10 am. Lamberton Community Center at 9 am […]
Redwood Area Alano Club-Tuesday
Redwood Area Alano Club-Tuesday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club NA Meeting
Redwood Area Alano Club NA Meeting
NA Meeting at Redwood Area Alano Club. Every Wednesday Night 1008 S Ramsey St Redwood Falls MN
3 events,
RSVP Bone Builders-Thursdays
RSVP Bone Builders meets: Redwood Falls Public Library at 9 am. Redwood Area Community Center at 10 […]
Minnesota River Area Agency on Aging
Minnesota River Area Agency on Aging
MINNESOTA RIVER AREA AGENCY ON AGING Administrative Office 201 N. Broad St. Suite 102 Mankato, MN 56001 […]
Redwood County Museum
Redwood County Museum
Redwood County Museum by KLGR Radio Summer Hours starting on JUNE 2nd Thursday-Sun from NOON to 4PM
2 events,
Redwood Area Alano Club-Fridays
Redwood Area Alano Club-Fridays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Saturdays
Redwood Area Alano Club-Saturdays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Sunday
Redwood Area Alano Club-Sunday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
RSVP Bone Builders-Mondays
RSVP Bone Builders-Mondays
RSVP Bone Builders meet at: Redwood Falls Public Library from 9 am – 10 am
3 events,
RSVP Bone Builders-Tuesday
RSVP Bone Builders meets: Redwood Area Community Center at 10 am. Lamberton Community Center at 9 am […]
Rubys Pantry Redwood Falls
Rubys Pantry Redwood Falls
Ruby's Pantry Food Distribution 3rd Tuesday of the month at the Redwood County Fairgrounds $25.00 cash donation […]
Redwood Area Alano Club-Tuesday
Redwood Area Alano Club-Tuesday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club NA Meeting
Redwood Area Alano Club NA Meeting
NA Meeting at Redwood Area Alano Club. Every Wednesday Night 1008 S Ramsey St Redwood Falls MN
4 events,
RSVP Bone Builders-Thursdays
RSVP Bone Builders meets: Redwood Falls Public Library at 9 am. Redwood Area Community Center at 10 […]
Minnesota River Area Agency on Aging
Minnesota River Area Agency on Aging
MINNESOTA RIVER AREA AGENCY ON AGING Administrative Office 201 N. Broad St. Suite 102 Mankato, MN 56001 […]
Redwood County Museum
Redwood County Museum
Redwood County Museum by KLGR Radio Summer Hours starting on JUNE 2nd Thursday-Sun from NOON to 4PM
Compassionate Friends Meeting
Compassionate Friends Meeting
Compassionate Friends is a grief support group for parents who have lost a child. Meetings are the […]
3 events,
55th Annual Butterfield Threshermen’s 2022
55th Annual Butterfield Threshermen’s 2022
Admission starting 4:30PM Friday Adults 13 & older $10, Children FREE This year we are featuring the […]
Redwood Area Alano Club-Fridays
Redwood Area Alano Club-Fridays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
2 events,
Redwood Area Alano Club-Saturdays
Redwood Area Alano Club-Saturdays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
Echo Days Parade
Echo Days Parade
Echo Days in Echo Parade Saturday, August 20th 4pm line up at the E.C.H.O. Charter School and […]
2 events,
St. Andrew’s Fun Fest in Fairfax
St. Andrew’s Fun Fest in Fairfax
St. Andrew's Fun Fest Fairfax, MN Sunday August 21, 2022 10:00AM Polka Mass Deep Fried Chicken Dinner […]
Redwood Area Alano Club-Sunday
Redwood Area Alano Club-Sunday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
2 events,
RSVP Bone Builders-Mondays
RSVP Bone Builders-Mondays
RSVP Bone Builders meet at: Redwood Falls Public Library from 9 am – 10 am
Wood Lake Fair
Wood Lake Fair
August 22, 23 & 24 Monday, August 22 SCAVENGER HUNT LITTLE SCRAPPER’S CHILDREN’S 4:00 Pick up bags […]
2 events,
RSVP Bone Builders-Tuesday
RSVP Bone Builders meets: Redwood Area Community Center at 10 am. Lamberton Community Center at 9 am […]
Redwood Area Alano Club-Tuesday
Redwood Area Alano Club-Tuesday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club NA Meeting
Redwood Area Alano Club NA Meeting
NA Meeting at Redwood Area Alano Club. Every Wednesday Night 1008 S Ramsey St Redwood Falls MN
3 events,
RSVP Bone Builders-Thursdays
RSVP Bone Builders meets: Redwood Falls Public Library at 9 am. Redwood Area Community Center at 10 […]
Minnesota River Area Agency on Aging
Minnesota River Area Agency on Aging
MINNESOTA RIVER AREA AGENCY ON AGING Administrative Office 201 N. Broad St. Suite 102 Mankato, MN 56001 […]
Redwood County Museum
Redwood County Museum
Redwood County Museum by KLGR Radio Summer Hours starting on JUNE 2nd Thursday-Sun from NOON to 4PM
2 events,
Redwood Area Alano Club-Fridays
Redwood Area Alano Club-Fridays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Saturdays
Redwood Area Alano Club-Saturdays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Sunday
Redwood Area Alano Club-Sunday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
RSVP Bone Builders-Mondays
RSVP Bone Builders-Mondays
RSVP Bone Builders meet at: Redwood Falls Public Library from 9 am – 10 am
2 events,
RSVP Bone Builders-Tuesday
RSVP Bone Builders meets: Redwood Area Community Center at 10 am. Lamberton Community Center at 9 am […]
Redwood Area Alano Club-Tuesday
Redwood Area Alano Club-Tuesday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club NA Meeting
Redwood Area Alano Club NA Meeting
NA Meeting at Redwood Area Alano Club. Every Wednesday Night 1008 S Ramsey St Redwood Falls MN
2 events,
RSVP Bone Builders-Thursdays
RSVP Bone Builders meets: Redwood Falls Public Library at 9 am. Redwood Area Community Center at 10 […]
Minnesota River Area Agency on Aging
Minnesota River Area Agency on Aging
MINNESOTA RIVER AREA AGENCY ON AGING Administrative Office 201 N. Broad St. Suite 102 Mankato, MN 56001 […]
2 events,
Redwood Area Alano Club-Fridays
Redwood Area Alano Club-Fridays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Saturdays
Redwood Area Alano Club-Saturdays
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]
1 event,
Redwood Area Alano Club-Sunday
Redwood Area Alano Club-Sunday
Alano Club is now open to all scheduled meeting. We are asking all to use social distancing. […]