Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

State looks to buy Minnesota small businesses some time with loans


March 25, 2020

Government Drive in Pequot Lakes is empty Monday evening, March 23, but residents can still support area businesses. Nancy Vogt / Echo Journal

ST. PAUL - Minnesota is looking to buy small business owners some time with an interest-free loan program as the COVID-19 pandemic strains the state economy.

Minnesota Gov. Tim Walz, who ordered nonessential businesses to shutter in order to contain the spread of the virus, announced the program on Monday, March 23. Eligible businesses can borrow $2,500 to $35,000 from the state at a 0% interest rate, and half of each loan will be forgivable.


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