Governor Walz opens $30 million coronavirus small-business loan fund

0
Governor Tim Walz of Minnesota on Monday, March 23, 2020 launched a $30 million loan fund for small businesses affected by the COVID-19 pandemic. Photo: MN Governor Office

Editor’s note: Since the publishing of this story on March 27, there is an update from the African Development Center of Minnesota on how to apply for the emergency loans that you can read at this link.

Minnesota Governor Tim Walz on Monday through executive order 201-5 announced the creation of a $30 million fund to lend money to small businesses that have been hurt by the COVID-19 pandemic, specifically businesses ordered to temporarily close by the governor (e.g. restaurants) following the pandemic through Executive Orders 20-04 and 20-08.

Under the COVID-19 Small Business Emergency Loan Program, the Minnesota Department of Employment and Economic Development (DEED) will use its lender network that includes the African Development Center of Minnesota (ADC) and the African Economic Development Solutions (AEDS) to make loans of between $2,500 and $35,000 for qualifying small businesses.

“Over the last week, we’ve heard from many of Minnesota’s small businesses who are facing significant hardships because of the COVID-19 crisis,” said Governor Walz. “Small businesses are the backbone of our communities, and now more than ever, we’re looking to creative solutions like DEED’s emergency loan program to help them weather these extraordinarily difficult times.”

To be eligible for the loans, businesses must be able to demonstrate that they were “directly and adversely affected by the conditions that precipitated the emergency declaration as noted in Executive Orders 20-04 and 20-08.”

Additionally, businesses applying for the loans must be current on their federal, state and local taxes.

The loans are interest-free for all businesses and maybe partially forgiven. No payments are required in the first six months, and after the six months of no payments, will be paid monthly over five years.

To see if your business qualifies to apply, go to this DEED link and click on Eligibility.

African immigrant owned businesses can contact the following agencies for loan inquiries and assistance:

African Development Center @ 612-333-4772 or habdi@adcminnesota.org.

African Economic Development Solutions @ 651-646-9411 or info@aeds-mn.org.

About Tom Gitaa

Tom is the President and Publisher of Mshale and chair of the Minnesota Multicultural Media Consortium (MMMC). As Mshale founder, he did a lot of the reporting during the humble beginnings of the newspaper. While he still does the occasional reporting, he now concentrates on the publishing side of the news operation.Tom was also the original host of Talking Drum, the signature current affairs show on the African Broadcasting Network (ABN-America), which was available nationwide in the United States via the DishNetwork satellite service. On the show, he interviewed Nobel laureates such as 2004 Nobel Peace prize winner, Professor Wangari Maathai, the first woman from Africa to win the peace prize and heads of states such as the president of  The Gambia, Yahya Jammeh at State House, Banjul. Tom has previously served in the board of directors of Global Minnesota, the sixth largest World Affairs Council in the United States. He has also previously served as President of the Board of Directors of Books for Africa, the largest shipper of donated books to Africa and. He sits on the board of the United Nations Association.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...