Temporary Small Business Loan Program
The Saint Paul Port Authority is proud to be an approved lender for the DEED Small Business Loan Guarantee Program. Loans up to $50,000 are available to Saint Paul businesses with fewer than 250 employees. Nonprofit organizations that pay property taxes will be considered for financing.
Qualifying expenses include the purchase, maintenance, or repair of machinery and equipment. Funds may also be used for working capital, secured by fixed assets when possible.
The Saint Paul Port Authority loan program is limited to $1 million. Qualified applications will be approved on a first come first served basis as long as funds are available.
Saint Paul Port Authority Loan Parameters
- Three-year term with a 2% interest rate
- Interest free for three months
- No payments due for six months
- No pre-payment penalties
- Businesses must demonstrate negative impact caused by COVID-19
- Applicants must have received at least a temporary certificate of occupancy prior to March 15, 2020
- Qualifying businesses must be based in Saint Paul; in the case of multiple locations, funds are limited to Saint Paul locations
If you are a Saint Paul business owner, and would like to be considered for financing, please complete the pre-application form below. Please allow 2-3 business days for review. On the condition that your needs match the loan criteria, we will follow up with a formal application. In either case, we will get back to you with our decision.