COVID-19 Resources

Resources, Services, and Updates

Updated November 20, 2020

COVID-19 continues to impact the cashflows of many businesses and nonprofits. We want to share a few resources and offer our help.

Economic Injury Disaster Loan

These are low-interest loans meant to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic Injury Disaster Loans will be issued directly from SBA’s Office of Disaster Assistance (not from 7(a) lenders). To learn more about the SBA Disaster Assistance program we encourage you to read their general handout.  Apply at https://disasterloan.sba.gov/ela/

As other resources from the SBA or others become available, we will update you. Sign up for newsletter updates, check back to this page, or follow us on social media. We will post new information as we have it.

Financing Options with the Entrepreneur Fund

Entrepreneur Fund SBA Micro Loan

  • Loans amounts $1,000 up to $50,000 with a 6 year term at a fixed interest rate.
  • Microloans can be used for working capital, inventory or supplies, furniture or fixtures, machinery or equipment.
  • You will receive 3rd party professional technical assistance grants allowing your business the best chances for success.
  • You will be assigned a professional team of financial experts to support you in reaching your goals.

Entrepreneur Fund SBA Express Loan

  • Loans starting at $25,000 with a 10 year term at a fixed interest rate.
  • Express loans can be used for working capital, purchasing real estate, equipment, furniture, machinery, supplies, and materials, covering construction and/or renovation costs
  • Expedited turnaround time for a faster decision.
  • You will be assigned a professional team of financial experts to support you in reaching your goals.

If you feel like either of these financing options may be a good fit contact your Entrepreneur Fund lender or advisor or reach out to our Client Relationship Manager at info@entrepreneurfund.org. Email requests are preferred and will be responded to within 48 hours, if not sooner.

For Current Entrepreneur Fund Clients

If you’re currently one of our loan clients, we’re prepared to revise your Entrepreneur Fund loan agreement. This includes potentially extending your due date, temporarily reducing payments, working capital loans, or taking other measures that may help your business. It is important to understand that our ability to support you during this time is contingent on learning about issues before they are critical. Email or call an advisor or lender to schedule a phone or video conference now.

Our advisors will be proactively reaching out to our clients to touch base, assess needs and provide support, starting with the more impacted industries. We also encourage you to contact your lender or advisor this week to schedule a phone or video meeting. If you aren’t sure who your lender or advisor is, please start with our Client Relationship Manager by completing the Contact Page or sending an email to info@entrepreneurfund.org. Email requests are preferred and will be responded to within 48 hours, if not sooner.

In addition, the Entrepreneur Fund offers on-going business consulting services for a variety of scenarios, including:

  • Adjustments to existing operations
  • Adjusting to a reduced workforce
  • Adjusting to inventory/supply chain shortfalls
  • Ensuring access to capital
  • Coronavirus management – practices for staff and owners
  • Communicating with customers regarding safety precautions
  • Strategizing on ways to diversify revenue offerings that are more resilient to the effects of Coronavirus

If You’re Not a Client

The Entrepreneur Fund still offers our existing business lending and advising services to small businesses in Northeast and Central Minnesota, and Northwest Wisconsin. We encourage you to familiarize yourself with our services and loan products and, if you feel like it is a good fit, reach out our Client Relationship Manager at info@entrepreneurfund.org. We will respond to all requests within 48 hours and work to setup a 30-minute consultation via video or phone conference to go over your needs.

Lastly, we want to remind all business owners that financing needs vary greatly – especially in uncertain times like these. With that in mind, we strongly encourage you to be careful and deliberate when considering additional debt.

The reality is that quick, low-cost business loans do not exist. Online loans and merchant cash advances (an advance on your daily sales through your merchant services/credit card processor) may present a quick turnaround time, automatic repayment, and the appearance of great terms. But often, they have daily or weekly repayment schedules and effective interest rates over 100 percent APR.

If you feel that an online loan or merchant cash advance are your best or only option, we hope you pause to consider the Entrepreneur Fund.

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