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.
SBA Economic Injury Disaster Loan (EIDL)
Primary Purpose/Proceed Use – Businesses directly affected by the disaster, or that offer services directly related to the businesses in the declaration, or indirectly related to the industry that are likely to be harmed by losses in their community
Eligible Borrowers – Any for-profit business affected by disaster; any NON profit profit that is a 501 c, d, or e such as a Nursing homes, food kitchens, museums, educational facilities, senior citizen centers, daycare centers, playhouses, community centers, shelters, rescue organizations, associations, etc.
NON Eligible Borrowers – Ag/Farmers; Religious organizations/churches; business considered hobbies; gambling; speculative enterprises
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.