The Small Business Emergency Assistance Loan Program (SBEAL) was created as a means to assist businesses within the City of Bloomington, which have been negatively impacted by the COVID-19 pandemic. The SBEAL program offers forgivable loans to eligible businesses within the City of Bloomington and is administered by the City and Port Authority staff, with administrative assistance from the Metropolitan Consortium of Community Developers (MCCD) and other community partners.
Program details
The program has a total of $1,300,000 available for assisting businesses:
- $1,000,000 for small businesses
- a maximum forgivable loan amount of $7,500
- $300,000 for self-employed/independent contractors
- a maximum forgivable loan amount of $3,000
Eligible expenditures
The SBEAL Program may be used for working capital purposes, examples include:
- Paying fixed debts (mortgage and rent)
- Payroll costs
- Accounts payable
- Utility payments
- Inventory costs
- Paying other direct business related bills
Program criteria
- Must have been impacted by the COVID-19 global pandemic, particularly businesses deemed non-essential by the State of Minnesota or those which have faced temporary closures per State of Minnesota executive orders, with a physical address located in the City of Bloomington; and
- Operated within the City on or before September 15, 2019; and
- Employ one to 20 FTE (full-time equivalent) employees at the location address, the business must have a physical non-residential address within the City of Bloomington, proof of address shall be verified with the application; OR independent contractor OR self-employed persons may apply for funding, must have proof of a non-residential or home-based business and/or appropriate business licensing; and
- Annual gross revenue that does not exceed $2,000,000;
- Be a legal entity permitted to do business in Minnesota; and
- Be in compliance with city ordinances, codes, licensing, and have no unpaid tax bills or charges due to the City from before February 2020.
Ineligible activities
The SBEAL Program may not be used for the following activities:
- Gambling
- Adult entertainment
- Registered lobbying
- Multi-level marketing
- Billboards
- Agriculture (crop or livestock production, etc.)
- Purchasing of machinery or vehicles
- Moving expenses
- Land acquisition for speculation
- Property taxes
To view the complete program criteria and policies, please view this link. The complete policies related to this program are required to be reviewed prior to submission of an application.
Application Process and Requirements
Applications for SBEAL Program funding will be accepted online only. Funds will be distributed through a random selection process.
Assistance is available for business owners through the following organizations:
- Alliance for Metropolitan Stability (Spanish)
- Contact person: Ricardo Perez
- Email: ricardo@thealliancetc.org(link sends e-mail)
- New American Development Center (Somali)
- Contact person: Ubah Nur
- Email: unur@nadcmn.org(link sends e-mail)
- Phone: 612-770-7993
- Fax: 952-351-9830
- Black Women Wealth Alliance
- Contact person: Opal Williams
- Email: info@bwwa-us.com(link sends e-mail)
- Phone: 612-256-0110
There is no fee to apply to the SBEAL Program. Per the application requirements, the following will need to be submitted after an applicant is notified they have been selected randomly to move forward in the loan process and to be fully considered for the forgivable loan:
- Most recent tax return or equivalent documentation;
- Itemized budget for use of forgivable loan funds for working capital expenses; and
- IRS form 941 for small businesses with employees and 1099-MISC for independent contractors and self employed or equivalent documentation.
A document review will determine if a loan award shall be granted. Businesses which receive a forgivable loan shall be required to enter into a loan agreement with the Port Authority prior to receiving any funding.
All forgivable loan funds must be utilized within the timeframe stated in the loan agreement. Recipients are required to submit a brief survey and final budget to the Port Authority within six months after receiving forgivable loan dollars, specifying how the entirety of the funds were utilized. Recipients will be asked to provide evidence in the form of paid invoices, statements or similar documentation. Upon receipt of proof of expenses, the Port Authority will forgive the loan and terminate the loan agreement.
Data is being requested from you to determine if you are eligible for assistance from the Bloomington Port Authority and City of Bloomington. You are not required to provide the requested information, but failure to do so may result in the Port’s inability to determine your eligibility for assistance. The data you provide that is classified as private or non-public will not be shared without your permission except as specified in state and federal laws.
