Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Applications for Main Street Economic Revitalization Program Due Tuesday, Aug. 31

 

August 31, 2021



On Tuesday, August 31st, applications for the new Main Street Economic Revitalization Program are due. Applications for the new program have been open since August 3rd.

We have held several informational sessions on this new program, and encourage you to refer to these sessions if you have questions.

• First Informational Webinar, which also includes additional new legislative programs.

• Second Informational Webinar

• Third Informational Webinar was held after the application was launched.

The Main Street Economic Revitalization Program is an $80 million statewide economic redevelopment program that will award grants to partner organizations to establish programs within specific communities to provide grants and guaranteed loans for economic development and redevelopment projects. These projects will address the greatest needs that have arisen in our communities since March 15, 2020 and spur economic revitalization across Minnesota.

Eligible partners include foundations, community development financial institutions and community development organizations. Eligible recipients for grants and loans include businesses, nonprofit organizations and developers – and funds can be used for demolition, repairing, renovating and constructing of eligible projects.

Proposals submitted by partner organizations will be awarded based on the greatest need of the surrounding community and economic impact of the proposed program.

Once partnership organizations are selected and programs established, eligible recipients will have the opportunity to seek assistance through partner organizations serving their community.

It's important to note that eligible recipients do not apply directly to DEED for grants or loans. Once selected, the list of partner organizations will be publicly available along with their contact information and instructions on how to request assistance for a specific eligible project.

There will be two rounds of funding for this program. The first round, which will award no more than $40 million, opened on August 3rd and will close on August 31st. Dates for the second round have not yet been identified but will be before March 1, 2022.

DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.

 

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