The Department of Employment and Economic Development, through its Economic Development Division has provided funding to Heartland Lakes Development Commission to establish an economic revitalization program that will provide leveraged grants to support economic development and redevelopment projects in Park Rapids. The program will result in the revitalization of corridors and main streets that have an outsized impact on businesses and surrounding communities, expand the tax base of targeted communities, increase the creation and retention of jobs relative to the local economy and deliver a positive impact on diverse communities most severely harmed by the events of the last year.
Leveraged grants can be used by eligible recipients for the following:
Eligible project expenses do not include the purchase of real estate or business operations or business operating expenses, such as inventory, wages or working capital.
A leveraged grant can cover up to 30% of the total project cost and must be matched by an eligible recipient at 200% of the state’s portion of the grant. Matching funds may include but are not limited to insurance proceeds from an eligible recipient, loan proceeds, private grants, cash contributions, donations, and local government contributions.
Applications can be obtained HERE, directly from Heartland Lakes Development Commission by calling (218) 732-2256, or from one of the participating local lending institutions. Applications for the Main Street Economic Revitalization program will be accepted by Heartland Lakes Development Commission on a first come first serve basis until funds are depleted.
September 20, 2021 Press Release from DEED
The Minnesota Department of Employment and Economic Development (DEED) is now accepting applications for the Minnesota Main Street COVID Relief Grant program.
A total of $64,200,000 is available in grants for Minnesotan owned and operated businesses that can demonstrate financial hardship due to the COVID-19 pandemic
Businesses that are majority-owned by military veterans, women, and Black, Indigenous, and people of color individuals; employ 6 people or fewer; and/or did not receive previous assistance from other state relief programs will be prioritized in the selection process. Funding will be distributed in a 50/50 split between the Twin Cities metro area and Greater Minnesota.
Applicants that qualify and are selected will receive a grant amount between $10,000 and $25,000 based on the number of full-time equivalent (FTEs) employees on staff. To be eligible, businesses must operate in Minnesota and be majority owned by a resident of Minnesota. Additional eligibility requirements and application information can be found at DEED’s Main Street COVID Relief Grants Program page.
DEED hosted an informational webinar last Tuesday, September 14 to go over the application process and answer questions from small business owners. You can watch a recording of that webinar on DEED’s YouTube channel.
DEED will also be hosting another informational webinar today at 10:00 a.m. to answer more frequently asked questions regarding the application process.
If you have questions, you can email MSCRG.DEED@state.mn.us. We will also be keeping our Frequently Asked Questions updated as we get inquires. Additionally, you will be able to find translated program information on our website in Hmong, Somali, Spanish, and Vietnamese. You can also watch our How To Apply For The Minnesota Main Street COVID Relief Grant video in Hmong, Somali and Spanish.
Applications will be reviewed and awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 12, 2020, in the regular course of business.
Applications will close on September 29 at 11:59 p.m. Afterward, grant applications will be selected for consideration through a computer-generated, randomized selection process.