COVID-19 Small Business Operating/Emergency Loan Programs

Many businesses are experiencing financial hardships due to COVID-19.  The Windom EDA would like to assist where possible and is offering a Small Business Operating Loan Program.  This loan program is designed to provide emergency financing for Windom businesses that are suffering financial hardships due to the COVID-19 pandemic.  Eligible businesses include the businesses outlined in the Governor’s Emergency Executive Orders.  The EDA does have discretion to evaluate other loan requests, so please contact me to discuss options.  Attached is a copy of the guidelines for the Windom EDA’s new emergency loan program.

The Small Business Administration and the Minnesota Department of Employment and Economic Development (DEED) also have loan programs available.  I am here to discuss pros and cons of the different emergency loan options.  Please refer to the attachment for a summary of the emergency loan programs. 

Should you have any questions, please contact me to discuss options.

Program Information Links:

Emergency Loan Programs – COVID-19

COVID-19 Small Business Operating Loan Program

 

List of Eligible Businesses:

Businesses cited in Governor’s Emergency Executive Order 20-04 as follows:

  1. Restaurants, food courts, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption, excluding institutional or in-house food cafeterias that serve residents, employees, and clients of businesses, child care facilities, hospitals, and long-term care facilities.
  2. Bars, taverns, brew pubs, breweries, microbreweries, distilleries, wineries, tasting rooms, clubs, and other places of public accommodation offering alcoholic beverages for on-premises consumption.
  3. Hookah bars, cigar bars, and vaping lounges offering their products for on-premises consumption.
  4. Theaters, cinemas, indoor and outdoor performance venues, and museums.
  5. Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas.
  6. Amusement parks, arcades, bingo halls, bowling alleys, indoor climbing facilities, skating rinks, trampoline parks, and other similar recreational or entertainment facilities.
  7. Country clubs, golf clubs, boating or yacht clubs, sports or athletic clubs, and dining clubs.

Executive Order 20-04 is amended by the following additions (indicated by underlined text) and deletions (indicated by strikethroughs): Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas tanning establishments, body art establishments, tattoo parlors, piercing parlors, businesses offering massage therapy or similar body work, spas, salons, nail salons, cosmetology salons, esthetician salons, advanced practice esthetician salons, eyelash salons, and barber shops. This includes, but is not limited to, all salons and shops licensed by the Minnesota Board of Cosmetologist Examiners and the Minnesota Board of Barber Examiners.

All other provisions of Executive Order 20-04 remain in effect.

Thank you,

Drew Hage | Development Director | Economic Development Authority of Windom

444 9th St., P.O. Box 38 | Windom, MN | 56101

507-832-8661 (Office)

507-822-5918 (Cell)

507-831-6142 (Fax)

drew.hage@windommn.com  | www.windom-mn.com/eda  

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