Small Business Emergency Loans

Phase 1: Are you eligible? 

Step 1: Review details and check eligibility. Visit MN DEED site for complete details.

a. If you are eligible, go to Step 2: Initial Application.

b. If you are unsure about eligibility, contact DEED.

c. If you are not eligible, there are other resources available. Contact your local Small Business Administration, your local bank or your county economic development organization. Additional resources can be found at: A Guide for Minnesota Small Businesses Who Need Help and The Small Business Owner’s Guide to the CARES Act. You may also check out options through the Small Business Administration (SBA): Link to SBA Lenders in Minnesota.

Step 2: Initial Application* 

a. Complete the Small Business Emergency Loan Program: Initial Application

b. Complete the Credit Report Authorization Form

c. Submit both forms to sbarney@regionfive.org

*Please check eligibility requirements in Step 1 before completing initial application.

Credit Report will only be obtained if applicant is eligible AND meets the initial application approval.

Phase 2: Submit Financial Information

AFTER you have been approved as ELIGIBLE from the Phase 1 Initial Application, use the checklist and forms below to submit the financial information:

a. Checklist

b. Finance Statements

c. Monthly Sales

d. Schedule of Liabilities

e. Complete ALL of the above (a-d) and submit forms to sbarney@regionfive.org

If you need additional assistance in filling out these forms, please contact your county economic development organization.

Notes:

  • DO NOT submit your requirements until you have them all ready to submit-if they are missing requirements as we cannot request an approval of the loan from DEED until all the documentation has been received.
  • Submit all of the financial information required in ONE email to Stephanie Barney sbarney@regionfive.org
  • NO other forms of submittal will be accepted.  You are welcome to send all the financial information in one pdf or  each form can be a separate pdf.
  • For additional assistance, in a few days, we will send a sample set of filled out financials for a fictitious company. If you need additional guidance please feel welcome to call or email me, we are here to help.
  • We will let you know if you’re missing any of the necessary forms but this process may take us days – and during that time the funds will be dispersed, thus, you risk have all the funds depleted before we can get your loan approved, so please help us – help you and submit all the forms requested in one package.
  • Special attention for the request to submit 3 months of operating expenses as this will be the basis for your request, please make sure this is labeled, so we can find it easily.
  • Remember to answer the question on the CHECKLIST, and return this form with your package.

 

Unfortunately, fraudsters and scammers have already begun targeting small business owners that are seeking assistance during the COVID-19 pandemic. Please be on the lookout for grant fraud, loan fraud, and phishing attempts. R5DC/NCEDA does not ask for bank account information over the phone. We DO NOT ask for your bank account numbers or any personal information over the phone. If we are in need of additional loan application information we will email first. Emails from us will end in “@regionfive.org” (no other variance from that email address would be sent from us).