Ada EDA Revolving Loan Fund Expands Guidelines to Assist with COVID Recovery
Ada, MN — Through 2020 and early 2021, there have been a number of grant and loan opportunities for businesses to take advantage of to help offset losses due to the COVID-19 pandemic. But as those offerings dry up, the Ada EDA wants local businesses to know that they still will have low-interest loans available up to $20,000 through their USDA Revolving Loan Fund. Ada City Administrator Ashley Larson says those loans were previously only available for business development and expansion, but now can be used for COVID recovery as well.
We are closing in a year since business restrictions began in Minnesota due to the COVID-19 pandemic. Larson says she’s proud of the Ada community for showing the support they have to help the local businesses stay afloat during that time.
For more information regarding the City of Ada’s Revolving Loan Fund, please contact Ada City Hall.