The COVID-19 Recovery Loan Fund (COVID RLF) is a new forgivable loan program offered through the Economic Development Authority of Maple Grove. These loan can provide up to $10,000 to small businesses within the City of Maple Grove to assist with eligible business-related expenses as the business seeks to recover from COVID-19 pandemic impacts.
COVID RLF loan offering details:
- Maximum amount: $10,000
- Term: up to five (5) years
- Rate: 0%
- Deferment: first four (4) months of payments deferred
- Forgiveness: up to 100% forgiven based on meeting set criteria
- Eligible uses of funds: payroll, accounts payable, lease/mortgage payments, utilities, inventory, personal protective equipment (PPE), and other business related expenses.
Businesses who are eligible to apply for funds through the COVID RLF program must meet the following criteria:
- Have a physical non-residential location within the City;
- Employ no more than 40 FTE;
- Faced mandated full or partial closure or were deemed non-essential by the State of Minnesota;
- Did not receive funding through the COVID-19 Emergency Loan Fund, offered by the EDA of Maple Grove.
To view the complete program criteria and policies, please view this link. The complete policies related to this program are required to be reviewed prior to submission of an application.
Applications for COVID RLF funding are currently being accepted. Applications will begin to be accepted on this webpage on Monday, July 27, 2020 at 10 a.m. Applications will be accepted via online submission only. Per the application requirements, the following attachments and documentation will be required to be submitted at the time of application:
- Two most recent business tax returns;
- Credit check authorization form;
- Personal financial statement form;
- Payroll reports from the 1st quarter or 2nd quarter 2020 showing employment levels, details on if the position is full or part-time and wage;
- Next 3 months of itemized operating expenses (August, September, October);
- Proof of business address (mortgage statement, lease, or other document);
- Articles of incorporation;
- SBA Form 1368
- CMDC Debt Schedule Form
Upon submission of an application, the application and attachments will be reviewed to ensure completeness and eligibility. If the application is deemed complete and eligible, the application will advance to in-depth review to determine if a loan award shall be granted. Businesses which receive a loan award shall be required to enter into a loan agreement with the EDA prior to receiving any funding. Applications shall be reviewed on a first-come, first-served basis.
Applications for the COVID-19 Recovery Loan Fund are currently being accepted. The below application link must be used. The link includes the ability to attach the required documents. Applications will be reviewed on a first-come, first-served basis. Once an application is submitted, staff will contact any applicant with next steps in the review process.
**On Monday, July 27th from 5:00 p.m. to approximately 8:00 p.m. the application system will be undergoing routine maintenance. Applications will not be able to be submitted or accepted during this time. We apologize for the inconvenience. **
For more information or questions, please contact Brett Angell, Economic Development Manager, at (763)494-6003 or firstname.lastname@example.org.