Business Relief at SouthPoint Financial Credit Union with Brian Serbus Business Relief at SouthPoint Financial Credit Union with Brian Serbus

Business Relief

Payroll Protection Program

The Paycheck Protection Program, part of the CARES Act, provides capital to small businesses impacted by Covid-19 to help meet short term operating expenses. As a SBA Preferred lender, SouthPoint Financial Credit Union is excited to provide access to this program to members and non-members.

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SBA Economic Injury Disaster Loan (EIDL)

This week, SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.

To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.

Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.

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MN Department of Employment and Economic Development (DEED) Financing Programs

MN DEED programs assist small businesses in retaining existing jobs and creating new jobs. Not all businesses are eligible and specific requirements may apply.

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