In response to the demonstrated local economic impact of recent federal immigration enforcement actions, the Columbia Heights Economic Development Authority will offer a forgivable microloan program for local businesses. The program will support business reopenings and stability by providing loan funds for anticipated building expenses such as commercial lease or mortgage payments, commercial utility payments, or commercial structure insurance payments.
There are two parts to the application, Part 1 – Eligibility, and Part 2 – Document Collection. This is Part 1 – Eligibility portion of the application. Part 1 of the application will be open from April 10th- April 24th at 4:00PM. Applications will be reviewed to determine eligiblity before moving on to Part 2 of the administrator. If the number of eligible applications exceed the maximum amount availablie in the loan fund, eligible applications will be chosen in a randomization process for order of review. If your application is chosen to move ahead to Part 2 of the application, the program administrator MCCD will reach out by email to collect required documentation. If chosen for review, you will be asked to submit the business’s most recent tax returns, updated profit & loss statements, executed commerical lease or mortgage statement, evidence of revenue loss during January and February 2026, and any other documentation required to make a loan decision based on the program guidelines.
Business Eligibility
- Locally owned, operated, and domiciled in the State of Minnesota with a physical establishment in Columbia Heights.
- Must be able to demonstrate financial hardship as a result of the Metro Surge federal immigration enforcement actions.
- Must have been in operation at least 6 months prior to application date
- Business must be in good standing with the city of Columbia Heights, Minnesota Secretary of State and the Minnesota Department of Revenue.
Ineligible Businesses/Restrictions
- Applicants who have previously received federal, state, or local loans or grants for the same expenses.
- Multi-state chains are generally ineligible except for locally owned franchisees.
- Nonprofit organizations.
- Businesses that primarily derive income from gambling or adult entertainment.
- Home-based businesses are generally ineligible.
- Businesses that derive income from passive investments (for example, property rentals or property management, group homes / residential care homes / residential elderly care facilities, billboards, and lobbying).
- Use of loan funds for payment of taxes or fees is ineligible.
Loan Terms
- Amount: up to $10,000 but not to exceed four months of the currently occupied commerical space’s lease or mortgage payments
- Duration: 8 months
- Interest Rate: 0%
- Loan forgiveness is contenget on the businesss continuing to operating in the same commerical space for eigth months after the application with no interruptions.
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Para obtener asistencia en Español en esta aplicación, favor de llamar (763-706-3613)