Scott County CDA Launches Small Businesses Recovery Fund

Press release from the City of Shakopee:

July 6, 2020

The Scott County Community Development Agency (CDA) has launched a small business recovery fund to assist small businesses adversely impacted by the COVID-19 pandemic. Businesses in Scott County who meet certain criteria may receive a forgivable loan up to $5,000 to assist with recovery efforts.

To be eligible a small business must demonstrate that its operations have been directly and adversely affected by the COVID-19 pandemic and the State of Minnesota Executive Orders 20-04 and 20-08. Businesses must also have a physical location within Scott County, have employed between three and 20 full-time employees as of March 1, 2020, be under $1 million in annual revenue and have been operating for at least six months prior to March 1, 2020. Visit scottcda.org/resource/covid-19-business-resources for program guidelines, which include a full list of eligibility requirements.

The Scott County CDA encourages all eligible Scott County small businesses to apply for assistance under the program, especially those owned or managed by women, people of color, veterans and people with barriers to access other small business resources.

The application period will be open from Monday, July 6 at 8 a.m. and applications will be received through noon on Friday, July 17. Applications received during this time will be evaluated beginning the week of July 20. If applications exceed the funding available, NextStage will select loan recipients using a lottery system, and applicants will be notified by email on or before July 31, 2020.

Apply at scottcda.org/resource/covid-19-business-resources.

Questions regarding the program can be directed to Stacy Crakes, business development director, at scrakes@scottfss.org or at 952-496-8613.

This press release was produced by the City of Shakopee. The views expressed here are the author’s own.