Anoka County Business Resources

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.

• https://mn.gov/deed/business/financing-business/deed-programs/

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.
https://www.sba.gov/funding-programs

There are three main SBA programs:

• 7(a) loan program:  7(a) loans have a loan amount between $500,001 to $5 million.  There are numerous types of 7(a) loans, including Standard, 7(a) Small, SBA Express, Export Express, Export Working Capital, International Trade and CAPLines.
• 504 loan program:  This program provides long-term, fixed rate financing of up to $5 million for major fixed assets like new real estate, construction, long-term machinery and equipment, or improvements to existing properties like parking lots, utilities and streets.
• Microloan program:  The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.Allowable uses include, but not limited to:
  • Working capital
  • Inventory
  • Supplies
  • Furniture
  • Fixtures
  • Machinery
  • Equipment

Employers planning a closure or major layoffs as a result of the coronavirus can get help through the Rapid Response program. Rapid Response teams will discuss your needs with you, help avert layoffs if possible, and provide services to assist workers facing job losses. For more information, visit DEED’s Rapid Response page or call 1-866-213-1422

https://mn.gov/deed/business/starting-business/management-basics/considering-layoff.jsp

Employers experiencing a slowdown in their businesses or services as a result of the coronavirus impact on the economy may apply for the Unemployment Insurance Shared Work Program. This program allows employers to seek an alternative to layoffs – retaining their trained employees by reducing their hours and wages that can be partially offset with UI benefits. Workers of employers who are approved to participate in the Shared Work Program receive the percentage of their weekly UI benefit amount based on the percentage of hours and wages reduced, not to exceed 60 percent. Visit Shared Work Program to learn more:

https://www.uimn.org/employers/alternative-layoff/index.jsp

Our Dislocated Worker program offers free services to help individuals find suitable employment and help take the stress and uncertainty out of the process. Workers may be eligible for this program if they are out of work through no fault of their own, are eligible for unemployment insurance, and are unlikely to return to your previous occupation or industry.

https://anokacounty.us/dw

• Anytime a Minnesotan loses health coverage, including employer-sponsored coverage, they are eligible to enroll in coverage through MNsure via a special enrollment period for the 60 days following the loss of coverage. (Details here.) Additionally, if someone is eligible for Medical Assistance or MinnesotaCare, enrollment is available at all times, regardless of when they might have last had coverage. (Details here.)

https://www.uimn.org/applicants/help-support/comm-organizations/healthcare.jsp

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.