Resources for Minnesota Small Businesses Impacted by COVID 19

SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET.  When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.

The Minnesota District Office has prepared this list of CDFIs working in Minnesota.  Please note, not all of them are able to provide PPP loans directly., only technical assistance and referrals to other PPP lenders in their areas.  Please contact the organizsations for details. 

We've also prepared this list of Technical Assistance Providers working in Minnesota by county. These organizations may be able to help you understand the PPP program and more.  Contact them for details.

Minnesota's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. The situaion is extremely fluid with new information coming out almost daily on SBA  Coronavirus Funding Options.  Please visit www.sba.gov/coronavirus for the most up-to-date information. 

We are also sending out frequent updates via our newsletter at www.sba.gov/updates. Be sure to add your zip.

Additional Funding Options
SBA’s traditional small business loan programs including 7(a), 504 and microloans are also available to help small businesses.  visit www.sba.gov/funding-programs to learn more.

State and local area governments are offering funding relief as well. We highly recommend small business owners sign up for local newsletters to stay informed of what's being offered by your municipalities to help meet the needs your small business has right now. You can find links at https://mn.gov/portal/.

Government Contracting
If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. SBA’s Business Opportunity Specialist Shaun McClary can help affected small businesses engage with their contracting officer.

Business Consulting and Mentoring
Our Resource partners are here to support you! No-cost technical assistance, consulting, and mentorship from any of SBA’s Resource Partners:

• Entrepreneur Fund has COVID-19 Updates & Resources and offering 30-minute consult with a Lender or Advisor by email or phone.
• WomenVenture is open, ready to help with its COVID 19 Update Hub.
• Get help from SCORE mentors via the Coronavirus Business Resource Center
• Small Business Development Centers can help with free business consulting. 
• Talk through your challenges with a SCORE mentor.
• SBA Women’s Business Centers,  WomenVenture and the Women’s Business Alliance are helping with mentoring and more.
• Veteran’s Business Outreach Centers are available to help Vets and their spouses.
• Entrepreneur Fund is providing consultations.

In addition to the resource partners listed above, SBA Microlenders and other local partners are working to help as many small businesses as they can.  Check in with them to learn more.

Other Federal Agencies
For information on all federal programs, visit www.usa.gov/coronavirus or www.usa.gov/espanol/coronavirus (en Español).

• IRS has a web page to help taxpayers, businesses and others affected by the coronavirus.
• U.S. Department of Labor has resources to help workers and employers, including use of Family Medical Leave
• USDA Rural Development has provided assistance to help rural residents, businesses and communities affected by COVID19. 
• New guidance outlines flexibilities that states have in administering their unemployment insurance programs to help Americans affected by coronavirus.

Minnesota State Agencies and Organizations

• Minnesota COVID-19 Unemployment Benefits Info.
• Minnesota Department of Revenue COVID-19 Response
• Minnesota Department of Labor and Industry Updates Related to COVID–19
• Minnesota Chamber of Commerce COVID–19 Business Toolkit
• Free legal advice is available through LegalCORPS.

Stay Updated

• For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
• Subscribe to our newsletter at www.sba.gov/updates. Be sure to add your zip.
• We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available.