MANKATO, Minn. (KEYC) — The City of Mankato announced Friday that small businesses within the city that have 50 or fewer employees can apply for a loan through the city’s Recovery Loan Program.
The loan is a deferred loan of up to $25,000 that can be used for property and business improvements to help businesses reopen and operate safely following guidelines from the Centers for Disease Control and Prevention, Minnesota Department of Employment and Economic Development and Minnesota Department of Health.
Recovery loans are repaid over a five-year period and include a deferral period at 0% interest for one year and 2% interest during the five-year repayment period.
Eligible costs for the loan include:
- Physical modifications to building exterior or interior;
- Personal Protective Equipment (PPE) or other safety items needed for employees and/or customers; and
- Purchase of inventory/business supplies to restart business operations.
Loan applications are available online by visiting the City of Mankato’s website. Call City of Mankato staff at (507) 387-8600 to request a paper copy of the loan application.
Applications should be submitted via email, placed in the drop box in front of the Intergovernmental Center, or mailed to:
City of Mankato
Attention: Travis Higgs
10 Civic Center Plaza
Mankato, MN 56001