Economic Relief Resources for Your Business During COVID-19

As the COVID-19 pandemic continues to evolve, we understand that many business are feeling the weight of consumers practicing social distancing and the recent executive orders from Governor Walz. Here is a list of useful resources for you and your business to help you move forward through this difficult time. We will continue to update this list as we learn of new opportunities. 

Small Business Administration (SBA):

The SBA is offering guidance, and a variety of and resources and assistance to small businesses affected by COVID-19. Explore those options here and here. 

The SBA has also began offering a Paycheck Protection Program to help you keep your staff on payroll. First Alliance Credit Union members can access these special SBA funds here. Application deadline is August 8th 2020.

Minnesota Department of Employment and Economic Development:

The MN DEED has important informational resources for both employers and their workers that are updated as new COVID-19 developments are announced. They have also recently made Small Business Emergency Loans available.  

The MN DEED also recently published a new guide for MN small businesses who need assistance that will help walk you through your program options at the federal and state level.

Community & Economic Development Associates (CEDA):

CEDA offers several small business support programs, including low interest loans to assist with working capital needs.

Rochester Area Foundation TOGETHER Grant:

The Rochester Area Foundation is providing grants to non-profits to provide financial support for project-based opportunities, assistance to deliver direct services, or general operating support in the wake of COVID-19. 

Minnesota Unemployment Insurance (UIMN):

Due to COVID-19 there are increased benefit options help your employees maintain there income through UIMN. You can explore those options here and here.

Olmsted County MN Grant Opportunities:

Rochester Area Economic Development, Inc. (RAEDI) has partnered with Olmsted County to provide a Small Business Relief Grants Program. This program will make available grants ranging up to $25,000 to small businesses owned and operated in Olmsted County that can demonstrate financial hardship as a result of the COVID-19 outbreak, specifically a 30% decrease in net profit or greater. Grant recipients will receive up to 50% of net losses from March 1 - June 30, 2020, or $25,000, whichever is less. Grant applications are open from August 12th to August 30th. Learn more and apply here. 

City of Rochester MN Funding Opportunities:

The City of Rochester has partnered with Rochester Area Economic Development, Inc (RAEDI) to provide area small businesses with emergency loans if they have been directly impacted by the COVID-19. Applicant must have already applied for the State of Minnesota’s Department of Employment & Economic Development Shared Work Program mentioned above.

The City of Rochester has also begun partnering with Destination Medical Center (DMC) to provide a  Keep It Local Grant. The purpose of the $100,000 funding is to help Rochester-based small businesses and organizations that are helping each other respond, adapt, and strengthen Rochester’s economy for the future in the wake of COVID-19.

The City of Rochester has partnered with Rochester Public Utilities to provide small businesses effected by the pandemic utility relief of 50% (up to $5,000) in utility payments. Funds will be distributed on a first come, first serve basis so apply now.

Advertising Grants from Forum Communications Company

The Post Bulletin's parent company, Forum Communications, is offering advertising grants for local businesses. Dollar-for-dollar MATCHING grants are available for a minimum of $250 and a maximum of $10,000 of matching funds each month. Grants will be awarded for use within the months of May, June, and July. You can apply for the grant here. 

First Alliance Credit Union Offers Small Businesses Financial Options

At First Alliance Credit Union we are committed to protecting our community from the spread of COVID-19 and helping our small business members stay financial sound during this unprecedented time. If you are feeling the financial impact from COVID-19 please contact our business team today, we are here to help provide you guidance and resources for your business. Plus, First Alliance Credit Union is an approved SBA lender offering Paycheck Protection Program loans.