Thanks to a concerted effort by our partners throughout the state, Minnesota small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL).
What’s an EIDL?
- The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
- EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
- The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
- EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay.
How do I apply?
- Online at SBA.gov/disaster
- Need help? Access these step-by-step online instructions
- Still need help? Call the SBA’s Disaster Customer Service Center at 800-659-2955 or email email@example.com. Individuals who are deaf or hard-of-hearing can call 800-877-8339.