Mankato accepting applications for small business loan program
May 19, 2020 7:00AM CDT
(Mankato, MN) – Small business owners in Mankato could be eligible for a loan to help with certain operating costs.
A press release from the city says small businesses that have lost at least 50 percent of revenue due to COVID-19 may apply for a loan of up to $5,000 through the city’s Sustaining Loan Program.
Funds can be use for operating capital for lease/mortgage payments, property taxes, supply and inventory and utility bills. Funds will first be applied to any past due utilities.
The loans have:
- Zero percent interest rate for a one-year deferral period.
- Interest rate of two percent after the deferral period.
- Maximum length of two years from the time deferral period ends.
Applications are due by June 1, and are available online.
More about:
