First National Bank Minnesota Lobbies Are Open

Business Updates and Links

Paycheck Protection Program 

The Small Business Administration announced on Tuesday, May 4, 2021 that  the Paycheck Protection Program funding has been exhausted and that the PPP application portal will no longer accept applications.   

 Minnesota Small Business Loan Guarantee Program

The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. 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.

The funds can only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. The number of employees includes parent company and all locations. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.

Small Business Emergency Loans
DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time. Loans are available  through SBEL approved lenders.

Federal SBA Disaster Loans and Emergency Grants (COVID-19)
The U.S. Small Business Administration is offering a low-interest federal disaster loans and a one-time emergency grant of up to $10,000 for working capital to small businesses and private non-profits suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Frequently Asked Questions for Employers and Businesses

Apply for a COVID-19 Economic Injury Disaster Loan

State/Local Links

There are many local resources that feature valuable Covid-19 content.  Please use the following links for resources in your area:

• Greater Mankato Growth:  https://greatermankato.com/covid-19-info-resources
• St. Peter Chamber of Commerce:  https://www.stpeterchamber.com/
• Mankato Clinic:  http://www.mankatoclinic.com/covid-19-information
• Mayo Health Systems: https://www.mayoclinichealthsystem.org/covid19
• Minnesota Department of Health:  https://www.health.state.mn.us/diseases/coronavirus/index.html
• Minnesota Department of Employment and Economic Development:  https://mn.gov/deed/newscenter/covid/
• Minnesota Attorney General's Office:  Protect yourself from COVID-19 scams, report price-gouging
• Center for Disease Control - Coronavirus Resource Page:  https://www.cdc.gov/coronavirus/2019-nCoV/index.html