Minnesota EIDL disaster loans have been approved over 43,036 small businesses and companies in the State of Minnesota amounting to over $3,654,267,880 in Minnesota EIDL loans processed as of 12/23/21. If your Minnesota business entity has already received a US Small Business Administration (SBA) loan, you may be eligible for more COVID-19 Economic Injury Disaster Loan (EIDL) money from the EIDL program in Minnesota.
You can follow the process and request a Minnesota SBA EIDL loan increase, up to the current $2,000,000 maximum, based on your maximum eligibility from your 2019 tax return figures for your business in Minnesota.
Minnesota EIDL loans were previously limited to $150,000, and then raised to $500,000. On 9/8/21, the SBA increased the Minnesota EIDL loan limit from $500,000 to the current $2 million.
How to Request an Increase in the Minnesota SBA EIDL Loan?
Once you log into the Minnesota SBA online EIDL portal, you may or may not see a button titled “Request an Increase” or “Request more funds”. If you do not see that button, an EIDL increase must be done manually and in letter form.
Click on the button and use the slider bar to select a new increased loan amount.
If you don’t see the button to increase the loan amount, you can directly reach out to SBA by email and request a loan increase.
Send an email to [email protected] with the subject line “EIDL Increase Request for [insert your 10-digit application number]“. Make sure to include all the necessary information such as application number, phone number, etc. in the body of the email.
You will receive a confirmation email for your Minnesota SBA EIDL loan increase request saying “Thank you for contacting the Covid EIDL Increase Team. Your request has been received and will be processed in the order it was received.“
It may take several weeks before you receive a response from Minnesota SBA.
Minnesota EIDL Loan Modification and Increase Request Strategy
For a complete SBA EIDL loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your Minnesota business qualifies for, please schedule a call with us directly.
In Minnesota, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your Minnesota company.
Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in MN.
Minnesota SBA EIDL Loan Increase Request Guidelines
Here are some terms and rules when you apply for a Minnesota SBA EIDL loan increase:
- 30-year term with a 3.75% fixed rate for business and 2.75% for nonprofits.
- SBA will record a UCC filing for a loan amount over $25,000.
- No real estate collateral is required for any loans below $500,000.
- May use funds to pay off other business loans or business debt.
How Long Does it Take to Get a Minnesota SBA Loan Increase?
The estimated timeline for approval is three weeks for amounts under $500,000 and six weeks for amounts over $500,000.
If you are waiting on approval for a loan under $500,000 and an increase to over $500,000, the timeline is closer to nine weeks.
How Does Getting a Minnesota SBA Loan Increase Working Capital?
Getting the Minnesota SBA EIDL loan increase will allow you to get increased business financing. The new money plus your existing Minnesota SBA EIDL funds will give you more working capital.
You may use the increased funds for any business purpose such as increasing payroll for Minnesota employees, buying equipment, or increasing inventory.
How to Increase the Chances of Getting Preapproved for a Minnesota SBA Loan?
Do More Paperwork.
If you are eligible, you must submit Form 4506T to the SBA, which allows it to ask the IRS for a tax return transcript.
Additional documents will be required for loans over $500,000.
Apply for a Loan Increase.
Apply for a loan increase through SBA’s portal if you are eligible. In some cases you might not see the option even when you are eligible, thus check back again after some time.
If you can’t see the button yet, apply for a loan increase by emailing them on [email protected] using all the information.
Connect With SBA.
If you have made an error in an application such as adding unverifiable information or haven’t heard anything, then you can email them on [email protected] stating your problem.
Prepare to Wait.
You will need to wait until you get the response from SBA for your application. This might take several weeks. You can connect with the SBA office to get the status of your application. Although, the response takes several weeks of time.
Minnesota SBA Frequently Asked Questions (FAQs)
My Minnesota SBA EIDL Loan is Currently in the Reconsideration Process / I’ve Requested More Money; What Will Happen After the Deadline Passes?
The application deadline and covered period have been extended until Dec. 31, 2021. However, this deadline is only for businesses that never applied for an EIDL loan before. Increase requests can be done past the deadline.
What can I Use COVID-19 EIDL Funds for? And How is that Different from PPP Funds?
EIDL proceeds can be used to cover a wide array of working capital needs and normal operating expenses, such as the continuation of health care benefits, rent, utilities, and fixed debt payments. For information on the PPP process, please visit sba.gov/relief.
What if I didn’t Accept the Full Amount I was Approved for; Can I Get the Full Amount Now?
If the applicant accepted the loan for less than the full amount originally offered, they have up to two (2) years after the date of the loan note to request an increase to get additional funds, even after the application deadline of Dec. 31, 2021.
If an applicant declined the original loan offer, the loan offer is considered to be withdrawn. Applicants can request a reacceptance within 6 months of the original offer, even after the application deadline of Dec. 31, 2021.
What if I Need More Money than I’ve Been Approved for?
COVID-19 EIDLs can be modified by increasing the amount up to 24 months of the economic injury or a maximum of $500,000, whichever is less. An increase can be requested either before or after accepting the loan. If the applicant is in urgent need of funds, accept the maximum loan amount offered and then request an increase by providing additional documentation.
Minnesota SBA EIDL Loan Increase Request Conclusion and Summary
Follow the steps outlined to get the Minnesota SBA EIDL loan increase process done.
See below for expert help in accelerating the Loan Modification and Increase Request Process for your company in Minnesota.
Conclusion and Summary if Your SBA Loan was Denied in Minnesota
If your Minnesota SBA loan was denied, the very first option is to file an appeal and request reconsideration for your Minnesota EIDL loan. You can also contact an SBA Minnesota Loan Specialist to assist you through the whole process, however, it can sometimes be difficult to get personal attention depending on how busy their office is.
If you have any further questions, leave a comment below and we’ll do our best to assist your Minnesota business.
Minnesota Increase Request and Loan Modification Help:
Need an Increase on Your Minnesota SBA EIDL Loan?
Did you already receive a Minnesota SBA EIDL loan for your Minnesota business?
We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in Minnesota.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in Minnesota.
Was Your Minnesota SBA EIDL Loan Denied?
Has your Minnesota SBA EIDL loan been denied for your MN business?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in Minnesota.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in Minnesota.
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