COVID-19 Resources + Updates
COVID-19 continues to impact cashflows and pose challenges for many businesses and nonprofits. We want to share resources to help you make sense of the opportunities available to you and offer our help. Below are federal, state, county, community specific and Entrepreneur Fund loan and grant opportunities. To the right you can view additional resources and COVID-19 specific updates.
Have questions? Please reach out. We are here to help! Simply click here to send us an inquiry form.
COVID-19 Relief Grants and Loans Updated February 25, 2021
Federal Programs
"Second Draw" Payroll Protection Program: A Second Draw PPP loan for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts. Check out our PPP Resource Hub!
Timeline | Eligibility | How to Apply | Terms |
Applications open January 14. Deadline is March 31. |
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If you have an account at a community bank, ask if they will be taking applications for PPP loans during this round. The Entrepreneur Fund is a PPP lender, click here for more information and to get in contact. |
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. |
SBA Economic Injury Disaster Loan (EIDL) Advance Grant: The EIDL grant is a form of small business relief providing up to $10,000 dollars in grants, i.e., completely free and non-repayable money, to select small businesses. The grant program was part of the initial CARES Act in 2020, but funds were exhausted within months. In December, Congress allocated additional funds for the program.
Timeline | Eligibility | How to Apply | Terms |
SBA hopes to be accepting applications on or around January 17, 2021. |
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Grant |
SBA Economic Injury Disaster Loan (EIDL): The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).
Timeline | Eligibility | How to Apply | Terms |
Ongoing |
Small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states. |
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Shuttered Venue Operators Grants: Under this program, administered by the SBA, live venue operators or promoters, theatrical producers, or live performing arts organization operators, museum operators, motion picture theatre operators, and talent representatives will be eligible to receive grants (a grant) of up to $10 million to pay certain costs. More information to be shared soon. Learn about developments here.
MN Reservist and Veteran Business Loan Program: (Business Loans)These loans are for existing small businesses that have an essential employee called to active service in the military reserves for 180 days or longer, causing a substantial economic injury to the business due to the employee's absence. (Start Up Business Loans) These loans are for recently service separated veterans seeking financial assistance to start their own small businesses.
Timeline | Eligibility | How to Apply | Terms |
Applications are accepted and loans disbursed until all funds are committed. | See Eligibility Requirements | Apply Online | One-time, interest-free loans of $5,000 - $20,000. The loan terms are 54 months, with no repayment for the first 18 months and equal monthly payments over the remaining 36 months. |
Minnesota Small Business Loan Guarantee Program: These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.
Timeline | Eligibility | How to Apply | Terms |
Ongoing |
Minnesota businesses with fewer than the equivalent of 250 employees. The number of employees includes parent company and all locations. |
Loans are made by enrolled lenders. List of enrolled lenders can be found here. The Entrepreneur Fund is an enrolled lender. |
The rate, term, and collateral requirements will be set by each individual lender's policies. |
Chisholm Business COVID-19 Relief Grant
Location | Timeline | Eligibility | Terms & How to Apply |
City of Chisholm and Balkan Township | There will be 20 awards in the amount of $1,500 each. No deadline announced. | Businesses located in the City of Chisholm and Balkan Township that have experienced financial hardship due to COVID-19. |
$1,500 Grant |
Stearns County Business and Non-Profit Relief Program: Businesses and non-profits in Stearns County are continuing to see the impacts of the COVID-19 pandemic, and the State and County want to help. Stearns County will be receiving approximately $3 million to grant to businesses and non-profits, based on certain eligibility criteria.
Location | Timeline | Eligibility | Terms & How to Apply |
Stearns County, MN |
Applications open Monday, January 11 and will be remain open until all funds are distributed. |
Located in Stearns County and able to demonstrate financial hardship as a result of COVID-19. |
Grants up to $15,000 |
Tower COVID Community Relief Grant: The Tower Economic Development Authority will be making grant funds available to business owners or prospective business owners operating within the city limits of Tower.
Location | Timeline | Eligibility | Terms & How to Apply |
Tower, Minnesota | Applications due March 1, 2021. |
Business owners or prospective business owners operating within the city limits of Tower. |
$3,000 - $20,000 grant. Complete application and submit via email. |
Arrowhead Regional Development Commission (ARDC) Revolving Loan Fund: In response to the COVID-19 pandemic, ARDC has introduced a new RLF that provides aid for businesses directly impacted by the pandemic. The new program can fund all types of businesses, including industrial, commercial, retail, restaurants, and non-profits. Learn more.
Location | Timeline | Eligibility | How to Apply & Terms |
Minnesota Counties: Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis |
Applications accepted on a rolling basis. |
The Urgent Application is designed for businesses that have been most impacted by the COVID-19 Pandemic. This application is only for those businesses seeking working capital loans of $75,000 or less. The RLF Pre-Application is designed for businesses seeking financing for site improvements, expansions, and machinery purchases. These loans are offered at a 4% interest rate, and a bank turn down will be required. |
Terms depend on Urgent Application or Pre-Application. |
Taconite Area Business Relief Program: Provides funds to local businesses that have been adversely impacted by the Covid-19 pandemic in the form of low interest loans. The Department of Iron Range Resources & Rehabilitation (IRRR) has contracted with the Entrepreneur Fund to review, process, and close the loan applications. IRRR will have final approval of all loans. Funds are intended to provide working capital to businesses, however, any legal business purpose is eligible. Learn more.
Location | Timeline | Eligibility | Terms & How to Apply |
IRRRB service area. |
Applications accepted on a rolling basis. |
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Itasca Small Business Relief Fund: The purpose of this fund is to prevent permanent closure of Itasca County businesses during and after the pandemic and to restore affected businesses back to financial health as quickly as possible. Learn more.
Location | Timeline | Eligibility | Terms & How to Apply |
Itasca County, Minnesota |
Applications accepted on a rolling basis. |
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Cloquet Business Assistance Loan: This program was developed by the Cloquet EDA for qualifying small businesses located within the city limits of Cloquet and within commercial /office/industrial buildings in response to challenges from the COVID-19 pandemic. The purpose of this fund is to prevent permanent closure of City of Cloquet for-profit businesses during and after the COVID19 pandemic and restore affected businesses back to financial health as quickly as possible. Learn more.
Location | Timeline | Eligibility | Terms & How to Apply |
Cloquet, Minnesota |
Applications accepted on a rolling basis. |
For-profit, locally owned business located within the municipal city limits of Cloquet and located within commercial, office or industrial property. |
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East Range Joint Powers Board Disaster Relief Loan Fund: The East Range Joint Powers Board (ERJPB) has received funding through the Iron Range Resources & Rehabilitation’s Taconite Area Community Relief Grant Program to create a loan fund to provide financing to for-profit businesses within the ERJPB communities of Aurora, Biwabik, Hoyt Lakes, and the Town of White.
Location | Timeline | Eligibility | Terms & How to Apply |
Aurora, Biwabik, Hoyt Lakes, and the Town of White. | The program ends on May 1, 2021. | View Eligibility Requirements |
$20,000 - $50,000 loan. |
Chisholm EDA COVID-19 Relief 0% Loan: Chisholm EDA is offering a 0% loan to assist Chisholm businesses with expenses incurred due to COVID-19, businesses that would like to expand or upgrade, or new businesses locating in Chisholm.
Location | Timeline | Eligibility & How to Apply | Terms |
Chisholm, MN | Funding is limited. | View Eligibility + Application | $3,000 - $30,000, 0% interest, loan payment deferred 6 months, 5 year term |
SBA Micro Loan through the Entrepreneur Fund:
- These are loans up to $50,000 with a 8 year term at a fixed interest.
- Microloans can be used for working capital, inventory or supplies, furniture or fixtures, machinery or equipment.
- You will receive 3rd party professional technical assistance grants allowing your business the best chances for success.
- You will be assigned a professional team of financial experts to support you in reaching your goals.
SBA Express Loan through the Entrepreneur Fund:
- These loans are up to $1,000,000 with a 10 year term at a fixed interest rate.
- Express loans can be used for working capital, purchasing real estate, equipment, furniture, machinery, supplies, and materials, covering construction and/or renovation costs, establishing or acquiring a new business, or expanding an existing business.
- Expedited turnaround time for a faster decision.
- You will be assigned a professional team of financial experts to support you in reaching your goals.
To learn more about these loans through the Entrepreneur Fund, please complete an Inquiry Form and our team will follow up with you.
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