As part of SBA's COVID-19 debt relief efforts, they will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
Borrowers do not need to apply for this assistance. It will be automatically provided. See all terms inside.
For businesses of 500 or fewer employees: Maximum loan amount is $5,000,000 or six months of operating expenses plus interest
For businesses of 501 employees or more: Maximum loan amount is $10,000,000 or six months of operating expenses plus interest
Maximum buydown amount from the Bank of ND is $500,000 per biennium, per borrower. A Borrower is defined as an individual, corporation, limited liability company, partnership, association or any combination of these if there is common ownership.
Proceeds may be used to:
Support working capital needs of a business in the state of North Dakota
Term out COVID-19-related bridge loans or pay credit card debt originated on or after March 13, 2020. This amount may not exceed 20% of the maximum loan amount.
This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process.
Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These are grants and no repayment will be required.
Minnesota Department of Employment and Economic Development
U.S. Citizens and Permanent Residents
I run a non-profit
I don't have employees
My business is less than 1 year old
The program will provide an 80% guarantee up to a maximum of $200,000.
Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.
Our contagion mitigation services can help businesses keep their doors open longer, reduce the time business operations are shut down, or even help a closed business get up and running again more quickly. No one should have to choose between keeping employees safe and staying in business.
Reduced Chance of Staff Sickness
Numbers talk. Even a slight reduction in lost staff hours due to illness will reap significant cost savings for any business saving them thousands and thousands of dollars. Of course, the goal is to recoup any many “staff sick days” as possible by keeping them safe and healthy, through targeted, consistent daily efforts.
IT Vendor Access
Health Support Systems, LLC has partnered with a local Information Technology company to help ensure businesses are able to safely allow staff to work from home.
Continuing Education & Training
Mitigating infectious diseases risks aren’t a one-time operation. We offer as a part of our Contagion Certificate complementary OSHA Personal Protective Training, Soap & Sanitization training, Employee training logging, and more.
Contagion Mitigation Certificate
Communicating that a business facility is safe both to guests and staff is important to provide an efficient workplace. The Contagion Mitigation Certificate sends a clear message that your business not only cares about its staff and clients wellbeing but that they have the training to keep them safe and healthy when an infectious disease is circulating.
The Doonie Fund makes micro investments in Black women entrepreneurs. Founded by digital undivided CEO, Kathryn Finney, the fund is named after her grandmother, Kathryn “Doonie” Hale, who inspired her entrepreneurial journey and encouraged her to stay in the arena.
Since its inception on April 5th, 2020, the fund has invested in over 500 black women entrepreneurs.