The mission of the Redwood County Economic Development Authority (EDA) is to be the catalyst for economic growth, job creation, business retention and improving the quality of life in Redwood County.
To support this mission in response to the COVID-19 pandemic, the Redwood County EDA is implementing the COVID-19 emergency business loan program, supported by the county board of commissioners.
The purpose of the program is to provide emergency financing for businesses in Redwood County which are experiencing financial hardships due to the COVID-19 pandemic business restrictions.
The program has a fund balance of $200,000, with a maximum loan of $5,000 awarded per applicant at 0 percent interest, deferred until Jan. 1, 2021 and loan term not to exceed 24 months.
Funds can be used for operating capital to assist with financial sustainability, inventory or equipment needed to resume or restructure operations or other activities having sufficient merit. Applicants are asked to outline the use of the funds, if awarded and demonstrate need.
The Redwood County COVID-19 emergency business loan program will be available on a first come-first-served basis as long as funds last, but not to exceed June 30, 2020. To review the full program guidelines and application visit redwoodcounty-mn.us/covid-19-updates.
All inquiries or questions can be directed to Briana Mumme, economic development coordinator for Redwood County at (507) 637-1122 or briana_m@co. redwood.mn.us.