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Beyond PPP: Loan and grant options in the time of COVID-19

On April 16, the SBA announced it had exhausted its initial round of funds for the Paycheck Protection Program and will no longer take applications. If your loan application was still in process at the time of this announcement, Bremer Bank will hold your application and be ready to submit the application if and when a second round of funding is available.

There are additional options beyond PPP that may be useful to small businesses in need during the COVID-19 outbreak, including bridge loan and grant programs.

SBA Express Bridge Loan

This emergency bridge loan for up to $25,000 can be used to bridge business expenses during the COVID-19 emergency or disaster declaration in your area.

Save Small Business Grants

The U.S. Chamber of Commerce, along with several sponsoring organizations, will provide financial relief through the new Save Small Business Fund. This program offers up to $5,000 grants to provide short-term relief for employers across the country, helping to cover rent, payroll and business operating expenses. Applications will be accepted beginning April 20, 2020 at savesmallbusiness.com.

Minnesota Small Business Emergency Loans

The Minnesota Department of Employment and Economic Development (DEED) has established a Small Business Emergency Loan program to assist small businesses that have been affected by the state governor’s executive orders such as restaurants, bars and more.

This program is still being developed by the state, and it’s currently unclear which banks or lenders will be originating these loans. You can review program eligibility and updates on the MN DEED website

Wisconsin Small Business 20/20 Program

The Small Business 20/20 Program in Wisconsin provides grant funds to approved community development financial institutions (CDFIs), who in turn can award grants of up to $20,000 to their existing loan clients to assist with cash flow challenges. If your business already partners with a CDFI, be sure to inquire with them about this program.

Saint Paul Bridge Fund

For businesses located in Saint Paul, Minnesota, the Saint Paul Bridge Fund is an emergency and relief programs offering up to a $7,500 small business grant. This program is designed to help bridge expenses between current challenges and availability of other state or federal relief dollars. For more information on this program and eligibility, see the City of Saint Paul website

Minneapolis Gap Fund

With $2.2 million in city funds, the Minneapolis Gap Funds for Small Businesses include a new Small Business Debt-Free Fund for companies with fewer than 20 employees, along with loan two programs.

  • Forgivable No-Interest Loan – Applications due by April 20 at noon: A new Forgivable No-Interest Loan for Small Business is also available in amounts of $5,000 or $10,000. Apply online.

  • Revamped 2% Loan Program to 0%. The City of Minneapolis has modified the city’s existing Participation Loan program for small businesses, including setting the rate to 0%. Learn more. 

Other local options

The COVID-19 situation has been constantly evolving, and cities, towns and counties across our markets have stepped up to help their local small businesses. Reach out to your network of fellow business owners, local Chamber of Commerce members and City Council members to leave no stone unturned in exploring your financing options. Your business banker can also work closely with you to evaluate options.