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Funds are now available through a new local forgivable loan program for small businesses in Freeborn County hurt by COVID-19.

The program, created through a partnership with the city of Albert Lea, Freeborn County and Albert Lea Economic Development Agency, includes $150,000 designated from each entity, for a total of $450,000, along with funds donated from Farmers State Bank and Home Federal Bank to expand the program.

To be eligible for the funds, businesses must have 25 or fewer employees, must operate in Freeborn County and must be able to demonstrate a loss of 50% or more in revenue during the stay-at-home orders related to COVID-19, a press release states.

Loan amounts awarded will range from $3,000 to $20,000 and will be based on how many employees the business had as of March 1. The fund will give preference to businesses that did not receive federal or state COVID-19 relief funds. Businesses that did receive these funds but have not received enough to meet their needs are still encouraged to apply.

To apply, businesses will need to provide a completed application and attachments. Visit www.growalbertlea.com/covid19relief/ to access the guidelines and application, or request documents via email at contact@growalbertlea.com or by phone at 373-3930.

The application period closes June 26.