GREDA Offering Emergency Working Capital for Businesses
The Grand Rapids Economic Development Authority (GREDA), through an investment by the Blandin Foundation, is allocating $500,000 for use in providing direct, emergency financing to businesses in the City of Grand Rapids experiencing financial hardship due to the social and economic disturbance resulting from the COVID-19 Pandemic.
GREDA is launching their Emergency Working Capital Loan Program to aid the survival of our local businesses during this crisis, especially those businesses forced to suspend their regular operations in accordance with Governor Walz’s Executive Orders. “We understand the huge strain this crisis has caused our local small businesses and GREDA wants to help meet their need for financial assistance, together with the other state and local resources being made available through IEDC, DEED and the SBA. We’ve streamlined the GREDA loan process to provide this assistance as quickly as possible”, stated Sholom Blake, GREDA President.
The Program will provide interest free working capital loans of up to $15,000 per business. Under the Program, loan payments are deferred for the first six months after loan disbursement and will be amortized over a five-year term, beginning with the first payment.
Please review the Emergency Working Capital Loan Policy - here (amended 4/23/20): LOAN POLICY
Complete the Application form along with the required submittals listed on the second page - here: APPLICATION
Email or mail the completed, signed application and submittals to:
Grand Rapids EDA
420 N. Pokegama Ave.
Grand Rapids, MN 55744
Applications will be reviewed as they are received.