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Saint Peter approves $100,000 Unforeseen Circumstances Microloan program for small businesses
Summary
The council approved an EDA‑recommended microloan program with a $100,000 budget offering up to $10,000 per eligible business, 0% interest for up to a six‑month deferral and $100 monthly payments thereafter; loans are intended for sudden emergencies and require review by an EDA team.
The Saint Peter City Council on April 13 approved a new Unforeseen Circumstances Microloan Program intended to help local businesses respond to short‑term emergencies such as natural disasters, infrastructure failures, public‑health events or sudden regulatory impacts.
City staff and Economic Development Authority members described the program as modeled on prior local…
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