Business Support

Promise Act Grants

The legislature has awarded NMF $1.1 million to fund grants for businesses and nonprofits. The funding will provide one-time grants ranging from $10,000 to $50,000 to selected businesses and nonprofits to invest in existing operations for planned growth.

Program Highlights

    • 2021 gross revenues below $750,000
    • Either a 10% decrease in revenues or decrease in net income between 2021 & 2022
    • Grants of $10,000, $25,000 or $50,000 based on gross revenue from 2022
    • Preference to BIPOC, women & veterans
    • Round 1 application window April 1 – April 30
    • HLDC can provide technical assistance with application

Additional Program Details

Required Information

    • Federal EIN
    • Minnesota Tax ID
    • 2021 Tax Return
    • 2022 Tax Return
    • Business Owner’s ID (Driver’s License)
    • Business Proof of Address/Operations (2024 utility bill, mortgage statement, etc.)
    • IRS Form W-9

Optional Information (strongly suggested)

    • Use of Grant Funds (payroll, rent/mortgage, utilities, equipment, other)
    • How will the funds support the success of the business?
    • Select a barrier to success and describe the impact
        • Structural racial discrimination
        • Civil unrest
        • Lack of access to capital
        • Loss of population or aging population
        • Lack of regional economic diversification

Contact Mary Thompson at 218-732-2256 or mthompson@heartlandlakesdc.org with any questions or if you need assistance.

SBA Economic Injury Disaster Loans (EIDL)

A small business administration loan that provides loans to businesses located in declared disaster areas. Governor Walz connected the lack of snow to an existing draught disaster for Hubbard County (MN-00113) making businesses eligible for economic injury assistance.

Program Highlights

    • Must apply online on SBA website
    • Provides up to $2 million
    • No payment or interest accrual for first 12 months
    • The interest rate is capped at 4%
    • Provides up to 30-year term
    • Deadline to apply is May 6, 2024

Contact Mary Thompson at 218-732-2256 or mthompson@heartlandlakesdc.org with any questions or if you need assistance.

Main Street Economic Revitalization Program

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:

    • Repair or renovation of real property
    • Building construction
    • Landscaping and street scaping
    • Demolition and site preparation
    • Predesign and design
    • Engineering
    • Non-publicly owned infrastructure
    • Related site amenities

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.

Below is the application and checklist of documents that must be returned to be considered. Applications will be internally reviewed for completeness and to confirm project details and funding. All complete applications will be reviewed by the award committee that will make recommendations to the HLDC Board for final approval.

Main Street Economic Revitalization Program Application

Applications and supporting documents can be returned to:

Heartland Lakes Development Commission
ATTN: Alisha Hendrickson
100 8th St E
Park Rapids, MN 56470
or by email to ahendrickson@heartlandlakesdc.org

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.

Please contact Mary Thompson or Alisha Hendrickson at (218) 732-2256 or mthompson@heartlandlakesdc.org or ahendrickson@heartlandlakesdc.org with any questions regarding the application or the attached documents that are required.

Helpful Resources for Businesses

Minnesota Secretary of State Resources

Minnesota Secretary Of State – Business Resources

Minnesota Secretary Of State – How to start a business in Minnesota

Minnesota Secretary Of State – How to check business name availability

Minnesota Secretary Of State – How to register your business

Minnesota Secretary Of State – How to renew or amend your business filing

Minnesota Secretary Of State – Business Filing & Certification Fee Schedule

Starting a Business / Minnesota Department of Employment and Economic Development (mn.gov)

 

Other Resources

Assistance for Women-owned Businesses

Small Business Administration (sba.gov)

Minnesota Department of Employment and Economic Development (DEED) / Minnesota Department of Employment and Economic Development (mn.gov

Homepage | SCORE

 

Park Rapids Revolving Loan Fund

The Park Rapids Revolving Loan Fund is a local funding resource for commercial, service, retail and manufacturing businesses located in the Park Rapids city limits or in an area that is in the process of being annexed. See the brochure for more information and if you meet the qualifications and this resource is of interest to you, please complete and submit the application to:

Heartland Lakes Development Commission
ATTN: Mary Thompson
100 8th St E
Park Rapids, MN 56470
or by email to mthompson@heartlandlakesdc.org

PR Revolving Loan Fund Brochure

RLF Application

Residential and Commercial Real Estate Listings

Whether you are looking for a property to start or relocate your business or looking for a home to purchase in the Heartland Lakes Area, check out the current commercial and residential MLS listings!

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