Financial Resources

Ramsey County Small Business Relief Program
5/27/20 Update

Ramsey County is providing emergency assistance to small local businesses adversely impacted by the COVID-19 pandemic. The Small Business Relief Fund will provide grants of $7500 to small businesses most in need of support.

Funds will help businesses pay for critical expenses such as rent or  mortgage payments, utilities, payments to suppliers and costs associated with reopening. Providing this support will increase the capacity of small businesses with a physical location in Ramsey County to survive the current crisis and will help prevent potential future blight scenarios.

Learn more and apply

Hennepin County Small Business Relief Program

Self-employed entrepreneurs can apply for grants of up to $3,000 starting tomorrow, Tuesday, May 19 at noon

This funding is part of the Hennepin County Small Business Relief Program, which is designed to help small local businesses meet immediate financial needs by providing emergency grants for eligible expenses of business interruption due to COVID-19.

The application period is May 19-26 for self-employed entrepreneurs to apply for grants of up to $3,000. Up to $1 million in total is available. If applications exceed available resources, funds will be awarded using a randomized lottery system as well as eligibility criteria.

A separate application period for small businesses with employees to apply for grants of up to $10,000 from this program closed on May 8 and 2,290 applications were received. Fund recipients will be notified by email on or before May 15.

Learn More

Minnetonka Small Business Emergency Loan

The City of Minnetonka is offering a limited number of emergency loans on a first-come, first-served basis to assist eligible small businesses in our community.

  • Who’s eligible?
    • Locally-owned and operated, for-profit Minnetonka businesses with 25 or fewer employees and/or less than $1 million in gross annual revenue (additional eligibility requirements apply)
  • Loan terms
    • Up to $7,500, interest-free, fully forgivable if used for eligible expenses
  • Application
    • Available online NOW
    • Accepted beginning Monday, April 27 until funds are fully committed
    • Loans will be granted to the first businesses that meet eligibility requirements.

Learn more and apply

Save Small Business Fund

The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories.


  • Employ between 3 and 20 people
  • ​Be located in an economically vulnerable community
  • ​Have been harmed financially by the COVID-19 pandemic

Applications will go live on April 20, 2020, at 12:00PM PT

Learn More

Minnesota Gap Funding

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 20 employees or less and people who are self-employed along with a revamped 2% loan program, adjusted to 0%. The new Forgivable No-Interest Loans for Small Business will come in fixed amounts of $5,000 or $10,000, depending on need resulting from the COVID-19 emergency. Check the site for eligibility requirements. Application information has not yet been released.


The US Small Business Administration has several programs designed to provide funding to small businesses affected by COVID-19. Click here for the latest information on their loan programs. 

Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

SBA has FAQs for the program and provided specifics on calculating maximum loan amounts by business type. Additionally, you can now apply for PPP Loan Forgiveness.

PPP Loan Forgiveness Application | Effective May 15, 2020

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.

View a list of approved lenders

You can learn more by reading through this pamphlet or visiting the SBA's website:

PPP Loan Forgiveness Application | Effective May 15, 2020

PPP: A How-To Guide on Applying | How to Prepare your PPP Application

NOTE: WomenVenture does not administer PPP loans.

To get the most up-to-date information as things develop, visit and subscribe to their e-newsletter via Also, you can find them on Twitter at @sba_Minnesota for frequent updates as well.

Keeping you informed

For more on SBA programs for the coronavirus, please visit and sign up for updates as they become available at

*The SBA recommends you complete your application online.

Avoid Scams

SBA loan scam targets MN business owners
Real-looking emails about emergency loan applications claim to be from the Small Business Administration. They’re really a COVID-19 ‘phishing’ scam.

If you have received an email with in the email address, text, etc, please forward the email or send a screenshot to to send to the SBA. This is a scam and you should not click on any links within, or otherwise interact. 

DEED Disaster Loans

Current loan requests have exceeded funding availability.

WomenVenture is currently not accepting any new applications for the Minnesota Department of Employment and Economic Development Small Business Economic Loans.

Please visit this site regularly to learn if the legislature has made additional loan funds available.

DEED Creating Emergency Loan Program for Minnesota Small Businesses (partially forgivable).

The Minnesota Department of Employment and Economic Development (DEED) is creating an emergency loan program to help Minnesota small business owners who need immediate assistance to meet their families’ basic needs during COVID-19 closures.

  • The loan program is intended to help businesses temporarily closed
  • Range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need
  • Be interest free
  • Be paid back monthly over five (5) years and the first payment will be deferred six (6) months with potentially partial forgiveness
  • Be provided to only Minnesota-based businesses
Application Instructions

Ensure your business is eligible for funding. Click here for a list of eligible businesses. To apply for a loan, please fill out the proper application documents, found here.

You can list WomenVenture as the nonprofit lender on the application as we are one of the certified lenders administering this loan program. Please send the application to our loan team at Due to the high volume of these requests, we cannot say for sure how soon we can follow up, but a WomenVenture loan officer will reach out to you after reviewing your application. 

Learn more. 

IRS Information

MN has not followed the IRS yet: There is a discrepancy between IRS and MN on payment dates for 1st Quarter estimates. Stay tuned for updates.