March 24, 2020
MidCountry Bank is committed to support our customers and help your business thrive in the face of a rapidly-changing environment. We are working hard to meet the needs of the communities we serve, and that includes providing meaningful resources to our business clients to ensure their financial well-being during these uncertain times. As your financial partner MidCountry Bank continues to look for ways to support your business now, and in the months and years ahead.
The State of Minnesota and the U.S. Small Business Administration (SBA) have combined forces to contain the economic impact of the Coronavirus (COVID-19) by offering Economic Injury Disaster Loans (EIDLs) for businesses impacted by the pandemic.
Economic Injury Disaster Loans (EIDLs) are Working Capital loans up to $2.0 million to help Small Businesses, Private Non-Profit Organizations, Small Agricultural Cooperatives and Small Aquaculture Enterprises that have been financially impacted as a direct result of the Coronavirus since Jan. 31, 2020.
- Permanent Working Capital Loan up to $2.0 million
- The funds can be used to pay fixed debts, payroll, accounts payable and other bills.
- Long Term Fixed Rate is 3.75% for Small Businesses; for Non-Profits is 2.75%.
- No Origination or SBA Guarantee Fees
- Loan Terms: Up to 30 years
- Payments start twelve (12) months after the loan is funded
The Economic Injury Disaster Loan (EIDL) is a Direct Loan Program managed by the SBA. While MidCountry doesn’t process your EIDL loan request, our SBA Loan Specialists are available to answer any questions about the loan program and provide guidance throughout the process.
Below are important links to Financial Relief Programs related to the Coronavirus:
U.S. Government – Economic Injury Disaster Loan (EIDL) Program:
- Coronavirus: Small Business Guidance & Loan Resources: www.sba.gov/coronavirus
- Economic Injury Disaster Loan Program: www.sba.gov/funding-programs/disaster-assistance
- Online Application for Economic Injury Disaster Loans: https://disasterloan.sba.gov/ela/
Minnesota Employment and Economic Development (DEED) Finance Programs
- State of Minnesota Economic Relief Programs: www.mn.gov/deed/business/financing-business/deed-programs
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