CITY OF NORTH BRANCH MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY

COVID-19 Emergency Loan

The City of North Branch & its Economic Development Authority (EDA) with the generosity of East Central Energy created a COVID-19 Emergency Relief Loan Program to assist struggling businesses due to COVID-19.

  • This is for existing business located in the City of North Branch.

  • Loans will be subject to interest accruing at the Wall Street Journal prime rate in effect on the date the loan is funded; however, interest will not accrue for the first 6 months from the date the loan is funded.

  • Maximum loan amount is $5,000 per business and maximum term is 4 years

  • A promissory note and personal guaranty are required for security.

  • Funds will be released after required documents have been signed and the City Council approves the loan.

  • Click on the Application Link To Apply: Application

  • Contact Community Development Director Vita at carlav@ci.north-branch.mn.us or 651.674.8113 for more information.