Up to $2 million in low-interest federal loans are available to individual Minnesota business owners through the U-S Small Business Administration (SBA). Spokesman Michael Lampton says the loans are available at a rate of 3.75-percent for terms up to 30 years.
“We’re encouraging all small business who may have been impacted by this particular incident to apply early so that we can get those funds into their accounts as quickly as possible.”
Lampton says demand for the loans is high. Anyone who wants to apply can do so at 800-659-2955 or by visiting sba.gov. The state of Minnesota is also offering low-interest emergency loans to small businesses through the Department of Employment and Economic Development.