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DEED Announces First Round of Main Street Economic Revitalization Awards

Today’s announcement identifies the partners who will be running the programs in their communities

 

October 15, 2021



Today, the Department of Employment and Economic Development (DEED) announced the partners for the first round of the Main Street Economic Revitalization Program. This new $80 million statewide economic redevelopment program, distributed through two rounds of applications, will award grants to partner organizations to establish programs within specific communities that will, in turn, fund economic development and redevelopment projects.

The first round of grants will award up to $39,850,000 to organizations across Minnesota. The second round of funding, with up to $40 million in funding, will be made available in March of 2022.

“Minnesota’s main streets are key drivers of growth, and so many of them have suffered in the last 18 months, “said DEED Commissioner Steve Grove. “These grants and loans will create jobs, and they’ll help spark investment in key commercial corridors across the state.”

This program makes grants to nonprofit partner organizations to fund 30% matching grants up to $750,000 and guaranteed loans up to $2,000,000 to eligible recipients for eligible projects that are designed to address the greatest economic development and redevelopment needs that have arisen in communities across Minnesota since March 15, 2020.

That includes hardship suffered due to the pandemic, civil unrest, and other challenges our commercial corridors since that date.

The following organization have been selected to be partnership organizations through the first round of Main Street Economic Revitalization awards. These organizations will implement Main Street Revitalization efforts in their regions.

• African Career, Education & Resource (ACER), INC, Brooklyn Center, $312,000 African Career, Education & Resource (ACER), Inc. provides access, equity, opportunity to African Immigrants in the north and northwest suburbs of Minneapolis. Their project will provide grants to businesses in commercial corridors in Brooklyn Park and Brooklyn Center to support economic recovery from the impacts of COVID-19 outbreak and social unrest in the area.

• Destination Medical Center Economic Development Agency, Rochester, $3,120,000 The Destination Medical Center Economic Development Agency supports the Destination Medical Center initiative in collaboration with the City of Rochester, Olmstead County, and the DMC Corporation. Their project will provide grants to businesses in the Rochester’s central business district to support economic recovery from the impacts of the COVID-19 outbreak.

• Duluth Local Initiatives Support Corporation Inc., Duluth, $1,235,100 The Duluth Local Initiatives Support Corporation engages in neighborhoods with the highest racial and economic disparities in Duluth to provide a diverse range of loan and equity products for affordable housing, commercial real estate, community facilities, and business development. Their project will provide grants to businesses in the Downtown/Hillside area and the Aviation corridor to support economic recovery from the impacts of the COVID-19 outbreak and major employer closures.

• Heartland Lakes Development Commission, Park Rapids, $208,000 The Heartland Lakes Development Commission facilitates economic growth in the region that includes Park Rapids, Nevis, Dorset, and Lake George. Their project will provide grants to businesses in the commercial districts of Park Rapids, MN to support economic recovery from the impacts of the COVID-19 outbreak.

• The Minneapolis Foundation, Minneapolis, $20,800,000 The Minneapolis Foundation is a community foundation supporting efforts to address the greatest civic, social and economic needs of Minneapolis and surrounding communities through grantmaking, research, advocacy and donor services. Their project will include partnering with Propel Nonprofits and LISC Twin Cities to provide grants and loans to businesses impacted by the social unrest of Summer 2020 including the Lake Street corridor, the 38th street corridor and West Broadway in North Minneapolis.

• Saint Paul and Minnesota Foundation, Saint Paul, $8,960,000 The Saint Paul & Minnesota Foundation is community foundation that collaborates with communities across Minnesota in identifying, convening around and advocating for critical issues that affect the world today. Their project will provide grants to business in the Snelling-University-Rice Cultural district, East Side and West Seventh commercial corridors to support economic recovery from the impacts of social unrest and the COVID-19 outbreak.

• Southwest Initiative Foundation, Hutchinson, $2,232,400 Southwest Initiative Foundation is a rural, regional community foundation serving the 18 counties and two Native Nations of Southwest Minnesota. Their project will provide grants and loans to businesses in the commercial corridors of Litchfield, Worthington and Granite Falls to support economic recovery from the impacts of the COVID-19 outbreak.

• Virginia Community Foundation, Virginia, $1,794,100 The Virginia Community Foundation is a community foundation that supports the economic vibrancy of the city of Virginia in North East Minnesota. Their project will provide grants to businesses in the commercial corridors of Virginia to support economic recovery from widespread damage due to fire and the impacts of the COVID-19 outbreak.

Partner organizations receiving grant funds from this program can use the funds to establish a program within their service area to provide assistance to eligible recipient and projects.

Once programs are established partner organizations can offer grants up to $750,000 per project or up to $2,000,000 in guaranteed loans. Leveraged grants can cover up to 30% project cost. Guaranteed loans will be guaranteed by the state up to 80% of the value of the loan.

Leverage grants and guaranteed loans can be used eligible recipients for the following:

• Repair, or renovation of real property

• Building construction

• Landscaping and streetscaping

• Demolition and site preparation

• Predesign and design

• Engineering

• Infrastructure

• Related site amenities

Eligible recipients will not apply directly to DEED for funding – only the partner organizations identified above. As they set up their programs, please contact them for more information and how to request assistance for a specific eligible project.

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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