The Entrepreneur Fund

Ignite Webinar: COVID-19 Accounting Practices: Make sure your PPP Loan is Forgivable

Posted on June 25, 2020 at 06:40 AM. Written by Women's Business Alliance - North & Central

Webinar Overview

Disclaimer - The information shared during this session was current as of June 19th. Given the ongoing changes, information could change. For the latest information on PPP Forgiveness please visit SBA PPP.  For up to date tax law visit www.IRS.gov.


The Payroll Protection Program Flexibility Act was signed into law June 5th to address some of the complicated restrictions in the original law. But do you know what needs to be documented to have your loan forgiven?

This session will advise you on the reports, records and documentation to have ready in order to complete your PPP Forgiveness Application. Hear from featured speaker, Pam Thomsen C.P.A. of Thomsen Training and Consulting, Inc., as she discusses what you need to know when it comes to the new rules and actions you can take regarding your SBA Paycheck Protection Program loan. Retired after 30 years of service from an executive role at Central Lakes College, Pam’s formal training was as a controller and staff accountant. Pam now spends her time training and consulting with small business owners, prospective start-up entrepreneurs and those looking to sell or retire from their businesses. She specializes in loan packing/financing, business planning and cash flow management, all which are vitally important to small business now in light of COVID-19.

Ignite Webinar: Recession Proof Your Business

Posted on June 25, 2020 at 06:25 AM. Written by Women's Business Alliance - North & Central

Webinar Overview

During this session Patrick will provide tactics for business owners to navigate a recession with confidence. If you lose confidence in what you are doing, you are destined to fail.

“There is only one thing that makes a dream impossible to achieve: the fear of failure.”
― Paulo Coelho, The Alchemist

Being a small business owner is a big deal.  The lifeblood of all economies starts with the entrepreneur. It is the small businesses that employ the most people. This talk is for you, the hero who sometimes needs a shot of confidence and a boost from someone who’s “been there” to help you keep achieving your entrepreneurial mission to provide the best for your customers and your family.

Whether you are feeling the pain of desperation, or simply a gnawing pit in your stomach that you could see yourself “there” someday and want to avoid it at all costs, this talk is for you. 

Announcing the launch of the Taconite Area Business Relief Loan Program

Posted on June 12, 2020 at 12:35 PM. Written by Entrepreneur Fund

Overview

Taconite Area Business Relief Loans provide 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.


Terms

  • The maximum loan amount to a business is equal to three months operating expenses, up to $40,000.
  • Maximum loans will be 60 months, after a six-month deferment period (accrued interest will be due at the end of the deferment period).
  • 2% interest rate

Eligibility 

  • Existing small businesses based in the agency’s service area.
  • That have been in operation for at least one year and were operating on March 1, 2020 (will be required to provide
    financial documentation to confirm).
  • All businesses must intend to open if currently closed in order to be eligible.
  • Businesses must be actively managed and loans must be personally guaranteed by primary owners.
  • A blanket UCC finance statement must be filed.

Additional Information

  • The agency, at its sole discretion, can make exceptions to the one year in operation criteria.
  • Funding through this program is intended to supplement, not replace other state and/or federal relief programs. Loan applicants must certify that they have applied for or are not eligible for these programs.
  • A 5% origination fee will be paid to the Entrepreneur Fund per loan.
  • Eligible disbursements may be funded through December 31, 2021.

Application Process

1. Complete the initial Eligibility Screen.

2. If initial eligibility is approved, you will be invited to begin the application process. 


Questions?

If you have questions regarding this program, please submit those via our Contact Form and we will be in touch as soon as possible.  

The Entrepreneur Fund