Winona Port Authority expands loan program, offers up to $20K

WINONA, Minn. (WKBT) – The Port Authority of Winona is expanding its small-business loan program to serve additional businesses suffering financial losses from the COVID-19 pandemic.

The fund had grown to $250,000 due to contributions, allowing the program to expand and offer a new tier of larger loans to qualifying businesses. Up to $20,000 will be funded through the Winona Area Chamber of Commerce Foundation as well as the initial tier amount of up to $6,000.

All loans:
●     Are interest-free (0%)
●     Have payments deferred until January 1, 2021
●     Will be paid back over a maximum term of 7 years
●     Require borrowers to back the loan with a personal guarantee

“We’re so pleased to expand this program in partnership with the Chamber,” said Lucy McMartin, the City of Winona’s director of community development. “It’s so important to do everything we can to support Winona’s small businesses during this challenging time.”“We’re proud to partner with the Port Authority to offer another way for Winona businesses to get assistance,” said Chamber President and CEO Christie Ransom. “We are grateful to be a part of a community that comes together in such awesome ways! Businesses need us to be there for them now more than ever.”

The program has received more than a dozen applications from small Winona businesses since launching two weeks ago.

Visit the Port Authority website for more information and to apply. For questions, email portloan@ci.winona.mn.us or call 507-457-8250.

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