Loans available for small businesses in Mankato

Loans available for small businesses in Mankato

MANKATO, Minn. (KEYC) - The Small Business Administration is offering loans to small businesses suffering from the effects of the outbreak.

Loans are up to two million dollars with interest at 3.75 percent.

Small businesses are eligible for 30-year repayment dates and nonprofits receive a 2.7 percent interest rate.

“To be eligible, your business has to be physically present in the declared disaster. Since this is a government-declared disaster, meaning it’s a declaration that was at the request of the governor, it’s pretty much available for all small businesses that are in the area of Minnesota,” says SBA public affairs specialist Lilianna Tschanett.

Small business owners can apply electronically at DisasterLoan.SBA.gov or call 1-800-659-2955 to request an application.

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