The Columbia Heights Economic Development Authority is offering forgivable microloans of up to $10,000 for local businesses affected by federal immigration enforcement, according to the city’s website.
The loans may cover up to four months of a commercial lease or mortgage. The loans carry no interest and run for eight months. Loan forgiveness is contingent on the business continuing to operate without interruption in the same commercial space for the full eight months.
Eligible expenses include commercial lease or mortgage payments, commercial building insurance and commercial utility costs. Insurance and utility expenses are eligible only if the business does not pay a lease or mortgage.
To qualify, a business must be locally owned, operated and domiciled in Minnesota, have a physical location in Columbia Heights and have been in operation for at least six months before applying. Home-based businesses are not eligible. Applicants also must show financial impact from federal immigration operations and be in good standing with the city, the Minnesota secretary of state and the Minnesota Department of Revenue.
Applications are due April 24, and funds are expected to be available in mid-May.