As DEED works to develop the guidelines and details for this loan program, the Entrepreneur Fund is accepting applications. We are not yet disbursing funds, but will do so once DEED finalizes the process around this program. To learn more see below.
Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.
The following businesses are allowed to apply at this time. If your business is not listed here, please apply for the SBA disaster loan with the federal government (information located at the end of this email) and pay attention to future executive orders as business types get added:
The following businesses are noted in those Executive Orders:
- Restaurants, food courts, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption, excluding institutional or in-house food cafeterias that serve residents, employees, and clients of businesses, child care facilities, hospitals, and long-term care facilities.
- Bars, taverns, brew pubs, breweries, microbreweries, distilleries, wineries, tasting rooms, clubs, and other places of public accommodation offering alcoholic beverages for on-premises consumption.
- Hookah bars, cigar bars, and vaping lounges offering their products for on premises consumption.
- Theaters, cinemas, indoor and outdoor performance venues, and museums.
- Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas tanning establishments, body art establishments, tattoo parlors, piercing parlors, businesses offering massage therapy or similar body work, spas, salons, nail salons, cosmetology salons, esthetician salons, advanced practice esthetician salons, eyelash salons, and barber shops. This includes, but is not limited to, all salons and shops licensed by the Minnesota Board of Cosmetologist Examiners and the Minnesota Board of Barber Examiners.
- Amusement parks, arcades, bingo halls, bowling alleys, indoor climbing facilities, skating rinks, trampoline parks, and other similar recreational or entertainment facilities.
- Country clubs, golf clubs, boating or yacht clubs, sports or athletic clubs, and dining clubs.
If you are interested in applying for this loan or learning more about your eligibility please email our Client Resource Manager.
To prepare for the application you will need to complete the following:
- Entrepreneur Fund Enrollment Form.
- MN Deed application
- 2018 business and personal tax returns for all owners of the business
- 2019 year-end profit and loss or a basic 2019 cash flow
- SBA Form 1368
- Page 1 provide your month by month revenues for 2019.
- Page 2 provide expected revenues & expenses for the period May 1, 2020 to April 30, 2021.
- Personal Financial Statement
- Debt schedule
- Copy of a voided check for your business account.
If you would like to receive regular updates from EF on this program and others related to Covid-19 emergency relief please complete the Covid-19 Resource Updates form.