Loan payment suspensions and grants for local businesses.

As of March 31, the EDA offers the following loan payment suspension program and business grants.

For businesses with EDA loans that have had to close, the EDA Board has decided to suspend EDA loan repayments until two months after the business is able to reopen.

Businesses with EDA loans have been informed of this program and how to apply for it. For those who choose to suspend loan payments the existing amortization schedule will be stretched out the additional length of time payments are suspended.

Businesses who choose to continue making monthly EDA payments are welcome to continue.

The EDA created a new program: Sleepy Eye EDA Emergency Relief Small Business Grant 2020

This grant is intended for businesses directly impacted by the pandemic resulting in reduced and/or loss of revenue. The grant amount is $2,500.

Grant eligibility guidelines:

•Applicant must be the business owner.

•Business must be located within the city limits.

•Applicant’s business must be in a commercial address. Home-based businesses are not eligible.

•Businesses as described in Executive Order 20-04, and/or clarification in EO 20-08, may apply.

•Any small business not specifically mentioned on the application form may still apply and be considered for possible grant award at EDA Board discretion. [Businesses listed generally include those ordered to close or restrict business.]

•W-9 form must be provided.

•Funding is not transferrable and other restrictions may apply.

•Funds for this program are limited, and application will be processed first come, first served basis.

•Non-profits are not eligible.

For more information and to receive an application form, contact Kurk Kramer at 507-794-5636 or eda@sleepyeye-mn.com.

I also have information on several other resources. A brief list:

•Southern Minnesota Initiative Foundation (SMIF) www.smifoundation.org. Resource list for businesses, early childcare providers, community foundations and others.

•Minnesota Department of Employment and Economic Development (DEED) www.mn.gov/deed. For Minnesota businesses and employers, unemployment insurance information, other COVID-19 information and resources, including a temporary Minnesota Small Business Loan Guarantee Program.

•U.S. Small Business Administration (SBA) www.sba.gov/offices/district/mn/minneapolis. Programs and information for small businesses and non-profit organizations on low-interest loans for working capital.

If you have any questions or would like to receive more details and/or information, I would be happy to try to assist you. I am working in my office on a reduced schedule, and doing most things from home. Leave a message on my answering machine, or send me an email, I will respond as soon as I can.

My office number is: 794-5636 and my email address is: eda@sleepyeye-mn.com