Warroad Forgiveable Loan Program

Program Guidelines

The Warroad business community is essential in providing products and services for the people that live here and come to visit. In these unprecedented times to slow the spread of COVID-19, our local businesses have taken a hit. The Warroad Forgivable Loan Program is designed to help local businesses pay for up to 1 month of overhead and operating expenses. Forgivable loans will be available with a maximum loan amount of $10,000.

Terms and Eligibility

Priorities:

• Provide Working Capital to Warroad Businesses
• Preserve Warroad Businesses
• Increase likelihood that Warroad businesses will survive the difficult businesses climate that has developed since the outbreak of Covid 19.

Eligible Borrowers:

• Must be a business operating in Warroad, Minnesota
• Must demonstrate negative economic impact ie. Reduced revenues, growing payables, reduced patronage, etc.

Eligible Uses:

Working capital and overhead to include utility bills, rent, insurance, internet bill, waste management, loan payments, payroll, payroll taxes and dues & subscriptions.

Ineligible Borrowers & Limitation of funding:

Funding is limited. Priority may be given to businesses that demonstrate strong financial need. Other borrowers may be excluded from funding based on equity restrictions. Borrowers will further be prioritized based on the likelihood that they will survive the economic downturn based on historical business performance.

To view the full loan terms and application process, download the loan brochure here.