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Financing Options with the MN DEED
The Minnesota Department of Employment and Economic Development (DEED) has a multitude of programs aimed to support business growth in key industry sectors. From programs focused on military veterans, BIPOC communities, high-growth innovative businesses, women-owned businesses, low-income entrepreneurs, native populations and more, MN DEED has loan and grant programs to help your business succeed.
The federal Small Business Administration (SBA) offers comprehensive lending programs to assist small businesses. These programs are typically available through banking partners, with some banks qualifying as a “SBA Preferred Lender”. Contact a business bank to inquire on SBA program opportunities.
There are three main SBA programs:
On March 16, Governor Walz issued an executive order ensuring workers affected by COVID-19 have full access to unemployment benefits. The order also relieves taxpaying employers of benefit charges associated with COVID-19. This means a company’s unemployment tax rate will not increase if your workers collect unemployment benefits due to COVID-19. If your workers apply for unemployment benefits, DEED will let you know. More information about Unemployment Insurance for employers: https://www.uimn.org/employers/employer-account/news-updates/covid-19.jsp
For employees not covered by unemployment insurance – both the State and Federal government are working on alternative assistance options. More information to come.