DEED Announces Small Business Loan Guarantee Program
30 Mar 2020
St. Paul –The Minnesota Department of Employment and Economic Development (DEED) is announcing the Minnesota Small Business Loan Guarantee Program, which was approved by the Minnesota Legislature last week. This temporary program, established in response to impacts of COVID-19, provides another option for financing to help small businesses weather this difficult time. DEED estimates that this $10 million will guarantee $20 million to $25 million in loans for Minnesota small businesses.
"DEED's loan guarantee initiative is another example of how Minnesota leaders are working together to ensure we're doing all we can to help businesses impacted by the COVID-19 crisis," said Governor Tim Walz. "These loan guarantees- help Minnesota's small businesses access the capital they need to keep operating during this difficult time."