The Kandiyohi County & City of Willmar Economic Development Commission (EDC) is pleased to announce a new finance program to provide emergency assistance loans. The COVID-19 Business Assistance Loan (COBAL) Program is for businesses located in Kandiyohi County that have been forced to close or significantly reduce their operations due to the executive orders issued by Governor Walz. The EDC Board unanimously voted to create this short-term funding.
This program does not preclude businesses from applying for the federal Small Business Administration (SBA) Economic Injury Disaster Loan or the new state-funded Small Business Emergency Loan (SBEL) Program, and/or working with local lenders but should be considered as another option.
The COBAL Program has been established in response to the safety measures that have been implemented to protect people during the health emergency which significantly affects small businesses. The EDC has decided it is in the best interest of businesses and the overall economy of the area to create an emergency assistance fund for businesses that have been forced to close or significantly reduce their operations.
To learn more about this program, please visit our loan page.