Maple Grove Offering Forgivable Loans to Businesses Affected by COVID-19
The novel coronavirus pandemic has had a devastating impact on many businesses. Now, the city of Maple Grove is doing its part to lend a helping hand.
The new program, which comes courtesy of the Maple Grove Economic Development Authority (EDA), is a forgivable loan of up to $10,000 with zero percent interest and a term of up to five years.
A sign on the door at Amazing Lash Studio in Maple Grove.
The goal is to assist businesses that the state mandated to either fully close or partially close due to COVID-19.
“These funds can be put toward regular business expenses such as their rent payments, utility payments, inventory, accounts payable, and other items such as that,” said Brett Angell, Maple Grove’s economic development manager.
The city has $250,000 available for this program. The Maple Grove EDA will cover any costs for underwriting and loan processing.
“When people think about Maple Grove, they think about the great park system, the great neighborhoods, schools, but they also think about the many great businesses that we have,” Angell said. “And when you look at Arbor Lakes and The Grove area near the hospital, there’s so many great businesses, and we want to ensure the viability of these areas moving forward.”
A sign on the door at Waxing the City in Maple Grove.
COVID-19 Loan is First-Come, First-Serve
To apply, interested businesses can go to the city of Maple Grove’s website under the “business” tab and click on COVID-19 Emergency Loan. On Monday, May 11, at 10 a.m., the applications will go live and there will be a link directly on that page where businesses can apply.
“Based on what we’ve seen from the federal programs, the state programs, and then the Hennepin County program, we’re expecting quite a bit of interest in this,” Angell said. “So we do encourage applicant businesses to go on the website as soon as they can really. They can prepare over the weekend for that application as well.”
Angell says the loan program will on be a first-come, first-served basis.
