Applications for Minnesota’s new Main Street Economic Revitalization Program, an $80 million statewide economic redevelopment program, are due by Tuesday, Aug. 31.
The Main Street Economic Revitalization Program will award grants to partner organizations to establish programs within specific communities to provide grants and guaranteed loans for economic development and redevelopment projects, according to the Minnesota Department of Employment & Economic Development.
The 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.
DEED said several informational sessions of the new program are available:
First Informational Webinar, which also includes additional new legislative programs.
Third Informational Webinar was held after the application was launched.
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 Aug. 31. Dates for the second round have not yet been identified but will be before March 1, 2022.