What support is there for business owners in Minneapolis?

For general questions about supports, please contact the Minneapolis Small Business Team

Technical assistance for businesses

The City offers free business consulting services though participating community organizations. These services include, but are not limited to:

• Adapting business models
• Working with lenders and other creditors to negotiate payments or secure loans
• Applying for relief funds

Community business support organizations:

• African Development Center
• African Economic Development Solutions
• Bii Gii Wiin
• Lake Street Council
• Latino Economic Development Center
• Meda
• Metropolitan Consortium of Community Developers
• Neighborhood Development Center
• Northside Economic Opportunity Network
• Seward Redesign
• Springboard for the Arts
• West Bank Business Association
• West Broadway Business and Area Coalition
• Women Venture

Legal consulting is available through the end of 2020 through partnerships with:

• Davis Law Office
• Harun Law
• Hortensia Law
• Just Law

Financial assistance

The Small Business Administration

• The SBA Economic Injury Disaster Loans (EIDL) offer long-term loans up-to-$2 million at 3.75% with favorable terms. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesses.
• The SBA Express Bridge Loan program is still open for business owners.

The State of Minnesota

• For small businesses seeking to secure private loans, the State has created a Loan Guarantee Program to help businesses secure those loans.

Private grants and other relief efforts

• LISC Small Business Relief Grant
• Emergency Grants for childcare centers are available through the State of Minnesota via Child Care Aware
• Federal Employee Retention Tax Credit
• Metro Regional Arts Council grants (for arts organizations)
• Springboard for the Arts Personal Emergency Relief Fund (for artists)

Previous funding

• The federal SBA Payroll Protection Program (PPP) offers forgivable loans for up to 2.5 months of payroll expenses for business who keep their employees and spend at least 75% of the loan amount on payroll. Businesses can access the PPP through SBA lenders and many other banks.
  • For information on PPP forgiveness, talk to your lender or see:
    • Small Business Relief Program from Hennepin County
    • Gap Funding for Small Businesses offered a $5,000-$10,000 Forgivable, No-Interest Loan for small businesses and self-employed workers with fewer than 20 employees or under $1 million in revenue and located in certain parts of the city. The application period for these loans has now passed.

Information

Use trusted sources for up to date information with guidance for businesses, such as the U.S. Small Business Administration guidance, the CDC Interim Guide for Businesses and Employers, and the Chamber of Commerce Coronavirus Small Business Issues and Solutions Guide.