According to a press release, the new program is a COVID-19 loan fund, designed to provide dollars to businesses and entrepreneurs affected by the pandemic. Loans will be available in HRDC’s five-county area, which includes Beltrami, Clearwater, Hubbard, Lake of the Woods and Mahnomen.

“Our fund is available to any business that has been negatively impacted by COVID-19,” said Sarah Linda, HRDC loan specialist. “We are not focusing on any particular industry or type of business. This is designed to help all businesses respond and become more resilient to crises.”

In line with existing HRDC plans, Linda said loans will start at $ 10,000 and cap per borrower at $ 350,000. There is also no deadline to apply for the fund at this time, as Linda said the fund’s approach is to meet demand.

Interest rates for loans start as low as 0%, and the release says HRDC staff will work with applicants to create flexible repayment terms.

The fund itself was made possible by the Economic Development Administration of the United States Department of Commerce, which provided $ 3.4 million to HRDC. Linda said HRDC requested the dollars in May and received notification of the award at the end of July.

Linda said these dollars will be an integral part of running local small businesses.

“Small businesses in Minnesota and the United States have really suffered from the pandemic,” Linda said. “What we’re trying to do is we want to make sure we’re making good loans that are affordable for businesses at all levels.”

Business owners can find more information on how to apply for loans at www.hrdc.org/applicant-information.