If any loans that DEED has originated become delinquent due to the impact of the pandemic on the borrower, DEED will work with the business to modify the repayment terms.
For loans that have been funded by DEED but originated by a partner (e.g., local government unit or a non-profit lender), the department encourages the lender to utilize a similar approach. For MIF loans, please contact your DEED loan officer to discuss possible modifications.
Per Executive Order 20-15: Effective immediately, in an effort to make more resources available to businesses impacted by Executive Orders 20-04 and 20-08 (certain business establishment closures), any local unit of government or lending partner that has revolving loan funds that were provided by the State Minnesota Investment Fund program appropriations or Minnesota Investment Fund Disaster program appropriations, may issue loans to retail and service providers over the next 90 days.
To determine if funds are available near you, please contact the local government directly. Cities and counties listed here have previously reported revolving loan funds, but may not currently have balances available for lending.
DEED has inquired with the U.S. Department of Housing and Urban Development whether some federal CDBG requirements could be relaxed for new loans during this pandemic crisis. The department has not yet received guidance from HUD.
Loans outside your RLF geography can be funded through a transfer of funds to larger regional body (e.g., a county or other regional body) that covers that geography. Please contact your DEED loan officer to assist with the documentation of this fund transfer.