Financial Resources

SBA's COVID-19 Funding Options Portal

List of US Small Business Grants Available to Women

General Small Business Relief Document, sorted by US State

Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.

Learn more & Apply

Paycheck Protection Program

The new round of Paycheck Protection Program (PPP) loans opens on Monday, Jan. 11 for small businesses who are applying to the program for the first time.  

The SBA is giving priority to first-time borrowers who apply through community lending institutions, rather than the big banks. PPP applications through large financial institutions will begin at a later date. 

Below are links to the new PPP guidance released: 

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares

Planning to borrow through the PPP forgivable loan program for the FIRST TIME? 

How to Prepare: 

  • Prepare your 2019 or 2020 payroll summary reports (if you have employees). If you do not have employees, use your 2019 Tax Return 1040 Schedule C.  
  • If you have an account at a community bank, ask if they will be taking applications for PPP loans during this round. If so, check their website Monday morning to start the application process. 

Planning to borrow through the PPP forgivable loan program for the SECOND TIME? 
  • For those applying for the second round of PPP, applications will be available on Wednesday, Jan. 13th. There are more restrictions for second-time borrowers. You must be able to demonstrate a 25% loss of revenue from 2019 to 2020. Click here for the full eligibility criteria. 
  • In the latest COVID relief bill, there is $284 billion dollars in additional funding for the Paycheck Protection Program, which is believed to be sufficient for this round of applications.  We know that all businesses have been impacted by the pandemic and want you to know that we are here to support you. 

LISC Small Business Relief Grants
9/1 Update

CLOSED

If you have questions not answered by the FAQ, please email smallbusinessgrants@lisc.org. The LISC ismonitoring this inbox and updating the FAQ accordingly.

City of BloomingtonSmall Business Emergency Assistance Loan Program
7/27/30 Update

CLOSED

Learn more

We Love Saint Paul/ We Love Midway
7/27/30 Update

CLOSED

Please click here for more information and details on grant parameters.

The Drivers Diversion Program
7/27/20 Update

A valid driver's license is a needed tool to just being able to move on in life- to shop, worship, and to visit family and friends. Furthermore, it is a required tool for most job locations and opportunities.Drivers Diversion Program (DDP), permits qualified applicants to drive legally while paying off fines and fees.Follow these steps to see if you qualify and how Microgrants (MG) might help.

Step 1) Applicant completes the State waiver and sends it to DDP to see if they qualify for the DDP program. There is no cost or obligation in completing the waiver. DDP will call applicant in back in 4-7 days to let them know the results and next step details.

Step 2)Approved applicants will alert MG partner agency contact of the Waiver decision and what the total amount owed is. MG Partner agency contact will then complete the online application with MG and will communicate with applicant details of the award.

Step 3) Once MG application is submitted, the applicant calls DDP and receives all details on the program and schedules a required 1-hour online class. Ongoing monthly payments are negotiated to be affordable with participant, based on ability to pay. Participants pay their monthly payments until they reach 50% of the total due. MG will grant the final 50% due up to $1200.00.

Step 4) After completing the DDP class, DDP will assist participants in securing required vehicle insurance and provide the next steps that may be required by DVS, like testing. This will start the process of reinstating your license with DVS.

Step 5) DDP informs MG when the participant has successfully paid the first 50% of the fines and fees or up to a remaining balance of 1200.00.

For more information contact Tom@diversionsolutions.net|612-210-2611

Ramsey County Small Business Relief Program

Ramsey County has remaining CARES Act funds to assist businesses that may have experienced financial strain as a result of the COVID-19 crisis. This will be the last grant round for 2020, and applications will be accepted on a rolling basis until December 4th, or funds are exhausted, whichever comes first.
Click here for eligibility requirements and how to apply

Hennepin County Small Business Relief Program

The rapidly increasing number of COVID-19 cases throughout the state of Minnesota has required new public health measures to reduce the spread of the virus, including restrictions on restaurants, bars, gyms, and other fitness, event, and entertainment venues. This round of funding is now closed.

  • Businesses that have not previously received Hennepin County Small Business Relief funds can apply for grants up to $15,000.
  • Businesses that have received Hennepin County Small Business Relief funds can apply for additional grant funds up to $10,000

Click here for eligibility requirements 

Minnesota Gap Funding

With $2.2 million in city funds, theMinneapolis Gap Funds for Small Businessesinclude 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.

SBA

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
NOTE: WomenVenture does not administer PPP loans.

APPLY: PPP Loan Forgiveness Application|EffectiveMay 15, 2020

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

EIDL Loans

This round of funding is now closed.

Small business owners and qualified agricultural businesses in all U.S.states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Eligibility:

Learn More | Apply

Keeping you informed

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

*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 withsba.help in the email address, text, etc, please forward the emailor send a screenshot to info@womenventure.org to send to the SBA. This is a scam and you should not click on any links within, or otherwise interact.

DEED Disaster Loans

The Minnesota Department of Employment and Economic Development (DEED) will offer $10,000 grants to Minnesotan-owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process.

Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These are grants and no repayment will be required.

This round of funding is now closed.

Learn More

IRS Information

MN has not followed the IRS yet: There is a discrepancybetween IRS and MN on payment dates for 1stQuarterestimates. Stay tuned for updates.