Small businesses in Minnesota have received a Small Business Emergency Loan from the Department of Employment and Economic Development. | Pixabay
Small businesses in Minnesota have received a Small Business Emergency Loan from the Department of Employment and Economic Development. | Pixabay
The Minnesota Department of Employment and Economic Development (DEED) recently announced that 1,020 small businesses throughout Minnesota received a Small Business Emergency Loan.
The DEED loan is more diverse than the other Small Business Relief Grants that were announced amid the aftermath of COVID-19.
More than $27 million in loans were granted from $30 million in special revenue funds distributed to loan programs set aside for emergency situations.
The remaining $2.8 million was distributed to lenders to help companies out with technical assistance expenses.
Steve Grove, DEED commissioner, said the program was created in "record time." He said the purpose is to get aid to businesses in distress as quickly as possible.
"Small Business Emergency Loans helped hundreds of businesses across Minnesota survive the initial impacts of the COVID-19 pandemic," Grove told Minnesota Employment and Economic Development. "DEED launched this program in record time to get emergency financial assistance out to businesses as quickly as possible. We could not have done this without the hard work and collaboration of our 22 lending partners throughout the state."
Alerts Sign-up