COVID-19 Resources for Small Businesses

Minnesota Small Business Emergency Loan Program

The Minnesota Department of Employment and Economic Development (DEED) has established a loan program to assist small businesses directly and adversely affected, and whose industry is named in the Governor’s Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. To obtain more information on eligibility, or an application, please visit the link below.

• MN Small Business Emergency Loans 

CMDC is one of the lenders selected by the state of Minnesota to process loans through this program. If you believe that you are eligible, complete the application and return it to our office at the link below.

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US Small Business Administration Resources

Regardless of eligibility for the Minnesota program, we encourage you to investigate other resources available through the US Small Business Administration (SBA). Below is a link to the Small Business Owners Guide to the CARES Act.

• Small Business Owners Guide to the CARES Act

This guide provides information and links to the major programs and initiatives that are available from the Small Business Administration (SBA).

• Do you need capital to cover the cost of retaining employees?
  Then the Paycheck Protection Program might be right for you. 
• Do you need a quick infusion of a smaller amount of cash to cover you right now?
  You might want to look into an Emergency Economic Injury Grant. 
• Do you have fears about keeping up with payments on your current or potential SBA loan?
  The Small Business Debt Relief Program could help. 
• Are you looking for quality, free counseling to help you navigate this uncertain economic time?
  The Resource Partners might be your best bet.

You can find additional information on the CARES Act in the U.S. Chamber of Commerce Summary linked below.

• U.S. Chamber of Commerce CARES Act Summary

Our #1 priority here at CMDC is to help small businesses through this economic crisis.