Low-interest loans available for small businesses

Published 7:21 am Wednesday, August 26, 2009

Nearly $1 million in low-interest loans are available to small businesses in a second round of funding through Minnesota chambers and the Pohlad Family Foundation.

Applications are intended to help previously successful businesses weather the current economic crisis. Applicants can apply for up to $75,000 for working capital or capital expenditures; the rate of interest is 3 percent.

“We were pleased to receive funding for two Mower County businesses in the first round of funding,” said Sandy Forstner, executive director of the Austin Area Chamber of Commerce. “Businesses that were unsuccessful in that first round are encouraged to reapply as are others, who may qualify, but did not apply earlier.”

Email newsletter signup

Applications will be reviewed and loans awarded through Grow Minnesota!, a business retention and expansion program of the Minnesota Chamber of Commerce and its local chamber partners across the state, including Austin.

Nearly 70 small businesses received more than $4.3 million in a first round of grants and loans, funded by the Pohlad Family Foundation. This second round is funded the Pohlad Foundation and other sources, including the Minnesota Department of Employment and Economic Development

Applications and procedures are listed on the GrowMinnesota! Web site at www.growminnesota.com. The deadline for applications is Sept. 8. The loans will be awarded in early November. For more information, contact Sandy Forstner at 437-4561.