HomeMy WebLinkAboutEmergencyLoanProgramContact: Kaylin Eidsness, Senior Communications Coordinator
Phone 952-833-9537 • Fax 952-826-0389 • EdinaMN.gov
FOR IMMEDIATE RELEASE
City to Accept Applications for Forgivable Small Business Loans
Edina, Minn., April 17, 2020 – Applications for the City’s new forgivable loans to small businesses will open Monday, April 20.
“In recent weeks, Edina businesses have made radical changes to their business models to cope with the ongoing COVID-19 pandemic. This includes full and partial closures, which is causing
unprecedented hardship to both employers and employees,” said Bill Neuendorf, Edina’s Economic Development Manager. “While larger programs have been created by the Small Business Administration
and Minnesota Department of Employment and Economic Development, the Edina Housing & Redevelopment Authority is providing funding for a local program to assist smaller businesses that
may not be readily served by the SBA and DEED.”
The new Small Business Emergency Assistance Program will provide forgivable loans up to $10,000 to small businesses in Edina that are adversely impacted by the COVID-19 pandemic. The
loans are meant to support operational expenses and will be forgiven if the business remains open for at least two years. Other restrictions apply.
To qualify for a loan, a small business must:
Be located within a commercial or industrial zoning district in Edina
Have a physical brick-and-mortar location and be reliant on face-to-face customer traffic
Have at least two full-time employees and no more than 25 full-time employees at the Edina location
Have a maximum annual revenue of $1 million
Funding for the loans is limited. Applications will be ranked based on the level of average foot traffic, number of employees, length of lease, tenure of business, business plan to recover,
application to other programs, extent of business disruption and residency of business owners.
To apply, complete the application online at EdinaMN.gov/EmergencyLoans. The deadline to apply is 4:30 p.m. Monday, April 27. The loans should be awarded by in early May.
For more information, visit EdinaMN.gov or contact Neuendorf at 952-826-0407 or bneuendorf@EdinaMN.gov.
-30-