In response to the current COVID-19 health crisis, the Marshall Economic Development Authority has enacted emergency loan fund criteria and application process to aid small businesses who might be affected. Please review qualifications and process below. Loans are awarded based on priorities set by the Marshall EDA, not on a first-come-first-serve basis. To apply, complete application in its entirety and email to Lauren Deutz at lauren.deutz@ci.marshall.mn.us. Applications will be considered and acted on by the EDA Loan Review Committee starting Friday, April 24th at 12pm and will remain open with applications reviewed on a rolling basis until funds are depleted.
Availability
- Maximum $5,000 per business.
- Limited funding is available of $100,000.
- Not available to businesses that receive or qualify for a SBA Economic Injury Disaster Advance Loan (EIDL), DEED Minnesota Small Business Emergency Loans, Paycheck Protection Program (PPP) Small Business Loans.
Qualifications
- Must be a business referenced in Gov. Walz’s Executive Orders (EO 20-04, EO 20-08, EO 20-18). See Appendix A.
- Business not deemed as critical sector work in Gov. Walz’s Executive Orders (EO 20-20, 20-33).
- Physical, commercial location, whether owned or leased, located in Marshall city limits.
- Registered with the Minnesota Secretary of State and have been in business since December 1, 2019.
- Must be current with local property taxes.
- Demonstrated affected by COVID 19 due to the executive orders related to COVID-19 business restrictions.
Applicants are encouraged to review the Governor’s Executive Orders 20-04, 20-08, 20-18 listed in Appendix A for further definition and clarification of businesses that are or are not eligible for this COVID-19 Emergency Loan Program. The Marshall EDA retains final authority to determine if a business is eligible or not, and whether to approve a loan or not.
Preferences
- 2-4 Full-Time Equivalent (FTE) Employees.
Eligible Loan Activities
- Operating capital to sustain the business until longer-term assistance programs are available including but not limited to payroll or building related expenses (rent, electric, water), etc.
Repayment
- 0% interest rate.
- Balance amortized over three years, prepay without penalty.
- Repayment begins thirty days after state of emergency is terminated.
- Loan payment method will be automatic withdrawal ("ACH").
Application Requirements & Process
- Complete application and email to Lauren Deutz (lauren.deutz@ci.marshall.mn.us) noting first round will be reviewed on Friday, April 24th and applications will be accepted and reviewed on a rolling basis.
- Provide letters/emails from a SBDC, SWIF and a local lender stating your business eligibility.
- Sign Marshall Economic Development Authority COVID-19 Emergency Loan Agreement.
- Sign Standard Loan Agreement and Promissory Notein person after state of emergency is terminated.
- Checks will be dispersed after EDA approval.