The Entrepreneur Fund

SBA Economic Injury Disaster Loan Application Extension Through 2021

Posted on January 07, 2021 at 12:55 PM. Written by Entrepreneur Fund

The U.S. Small Business Administration on January 5, 2021 announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit are encouraged to apply to get the resources they need. 

Apply for a Economic Injury Disaster Loan 

MN Movie Theater and Convention Center COVID-19 Relief Grants

Posted on January 05, 2021 at 01:02 PM. Written by Entrepreneur Fund

On Tuesday, January 5, the Minnesota Department of Employment and Economic Development released applications for Movie Theater and Convention Center Grants established in the recent state COVID-19 relief package.

The links to applications and information on the three new programs included in Minnesota’s small business relief package, signed into law December 16, are:

MN Convention Center Relief Grant Program  - Application due January 29
This temporary program was established to provide economic relief for convention centers adversely affected by the COVID-19 pandemic. This program will make grants of up to $500,000 to eligible convention centers located in Minnesota. DEED will administer this program. Applications are available here.

MN Movie Theater Relief Grant ProgramApplication due January 29
This temporary program was established to provide economic relief for movie theaters adversely affected by the COVID-19 pandemic. This program will make grants of up to $150,000 to eligible movie theaters located in Minnesota. DEED will administer this program. Applications are available here.

County Relief Program – DEED is working closely with Minnesota counties to disburse money. All counties must apply. More information is available here.

St. Louis County specific relief updates can be found here.

St. Louis County COVID Relief Grants

Posted on January 04, 2021 at 09:53 AM. Written by Entrepreneur Fund

On December 30, 2020 St. Louis County announced it is preparing to launch a third round of COVID relief assistance for small businesses and eligible non-profits hurt by the pandemic.

The application period is expected to begin in mid-January for Phase 3 of St. Louis County Small Business Relief Grants. This latest round of grants will use funds provided by the State of Minnesota, and offers more flexibility than previous CARES-funded grants.

Businesses will be able to apply for up to $45,000, with funds able to be used for direct COVID-19 related expenses, such as PPE and cleaning supplies; as well as operating expenses including, rent, mortgage, utilities, real estate taxes and insurance; and even for payroll.

To be eligible, businesses and non-profits must be physically located in St. Louis County, have no current tax liens on record with the Secretary of State at the time of application; and must have been impacted by a Minnesota Executive Order related to the COVID-19 pandemic.

St. Louis County has received $3.8 million from the state to distribute to small businesses and non-profits during this third phase. More details will be provided as they are finalized, including application dates and opportunities to participate in a virtual presentation about the grant program and application instructions.

People interested in learning more are encouraged to contact the St. Louis County Planning and Community Development Department at cares@stlouiscountymn.gov or 218-725-5000. 

To receive the future updates on county specific COVID relief grants, subscribe to the Entrepreneur Fund newsletter. 

The Entrepreneur Fund