SBA Paycheck Protection Program (PPP) Forgiveness
Please view all SBA PPP information on our new webpage: https://mycmcu.org/business/sba-paycheck-protection-program-ppp.html
SBA PPP loans are serviced through
Central Minnesota Credit Union
SBA 7(a) Program Loans
- Loan funds are available for almost any purpose, including working capital.
- CMCU is a designated Preferred Lender through SBA.
*Membership qualification required. Other restrictions may apply. Ask for details.
SBA's Economic Injury Disaster Loan Program (EIDL)
The loans are designed to assist businesses who suffered working capital losses due to the coronavirus pandemic. Proceeds can assist with making fixed debt payments, payroll, Accounts payable, lease payments, insurance etc.
Applications for the loans are made directly to SBA, not CMCU. Loan payments are also made directly to SBA. Learn more about the program by clicking here.
- $2,000,000 Maximum Loan Amount (Including affiliate entities)
- 3.75% APR (Non-Profit: 2.75% APR)
- Up to 30 year term - based on individual credit approval
- No payments for the first 11 months
- No collateral required for loans of $25,000 or less