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.
This fund will award emergency grants to nonprofit organizations in Barnes County that provide direct service to those most in need during the pandemic, behavioral health services, and emergency and health care response needs.
IRS tax exempt nonprofit organizations, units of Government and/or a church or a tax-exempt school are eligible to apply.
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.
Five finalists will have the opportunity to record videos explaining their idea to be promoted on social media. The two winners will receive mentorship & resources from the Her Big Idea team throughout her year as the 2020 Her Big Idea Fund recipients.
Primary Sector Businesses. Loans and equity investments are available to companies certified as primary sector under the North Dakota Development Fund, Revolving Rural Loan Fund and the Venture Capital Program:
Up to $1 million
Lower than market interest rate
Can be in the form of a loan or equity investment
Funding can be used for working capital, equipment or real estate
Rural Growth Incentive Program Emergency Loans. Under this program, the Department may declare an emergency and make loans to “Essential Service Companies.” These include gas stations; pharmacies; grocers and, in some cases, restaurants.
Communities with less than 2,500 in population are eligible
The request to North Dakota Development Fund is a dollar-for-dollar match by the city
A community can apply for $25,000 to $75,000 in matching funding
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.