The Otter Tail County Community Development Agency (CDA) has established a fund to provide forgivable, no-interest loans of up to $2,000 to assist eligible small businesses impacted by the COVID-19 pandemic. The purpose of these funds is to ensure the preservation of employment opportunities in Otter Tail County through the prevention of business closures to promote long-term economic vitality in the community. Key eligibility for a business include:
- Demonstrate that its business operations have been directly and adversely affected by the COVID-19 pandemic
- Be located within Otter Tail County and have a physical commercial address not within the city limits of Fergus Falls and Perham
- Be a locally owned and operated business (including independent, locally owned and operated franchises)
- Be a for-profit business that has been in operation at least one year as of April 1, 2020
- Be a legal entity registered with the Minnesota Secretary of State, and be in good standing
- Be in compliance with applicable City and/or County ordinances, codes, and licensing and must not have any taxes, utility bills or other charges or liabilities delinquent prior to March 1, 2020
- Currently have at least one employee (which can include the owner, if an owner-operated establishment) and fewer than 25 full-time equivalents and/or make $1 million or less in gross annual revenue
Prior to completing the below application, please review full program guidelines to determine eligibility. After submitting this application, applicants will receive instructions to provide required supporting documentation through a secure process to ensure data privacy. Do not send the supporting documentation in any other manner.
- The most recent federal tax return submitted for the business (with signature). If 2019 tax return is not yet filed, a year-end balance sheet and profit and loss statement is also requested.
- List of expenses to be paid with loan funds. This includes, but is not limited to, current payroll, rent, mortgage principal and interest, utility payments, property tax payments, accounts payable, and other critical business expenses that cannot be paid as a direct result of impacts due to the COVID-19 pandemic.
- Evidence that you own or lease the space that where the business is located (i.e. lease, mortgage statement, property tax statement, or other documentation).
- W-9 with required contact information and email address.
- Other supporting information requested by staff to assist with reviewing the Applicant’s eligibility.