The Minnesota Department of Employment and Economic Development (DEED) has just launched its new Main Street Economic Revitalization Program.
This $80 million statewide economic redevelopment program will award grants to partner organizations to establish programs within specific communities that will, in turn, fund economic revitalization and redevelopment projects.
These projects will address the greatest needs that have arisen in Minnesota communities since March 15, 2020 and spur economic revitalization across Minnesota. This program was approved by the Minnesota State Legislature and signed by Governor Tim Walz on June 29, 2021.
“We’re excited to develop this new program to help Minnesota recover from the crisis of the last year and a half,” said DEED Commissioner Steve Grove.
“Not only will these grants and loans create jobs, but they’ll help spark investment in main streets across the state,” he added.
Proposals are being accepted from eligible partner organizations, which include foundations engaged in economic development; community development financial institutions; and nonprofit organizations engaged in housing and commercial development.
Partner organizations selected for grants will then provide grants and loans to businesses, nonprofit organizations and developers; funds which can be used for the demolition, repair, renovation and construction of eligible projects.
“This is a unique opportunity for nonprofit partner organizations to lead revitalization efforts in their communities,” said DEED Deputy Commissioner of Economic Development and Research Kevin McKinnon. “We hope to see a broad range of creative proposals.”
A total of $80 million is available in grants to partner organizations. No more than $40 million is available in the first round. Dates for the second round have not yet been identified but will be before March 1, 2022.
Main Street Revitalization Program partner organizations will be publicly announced in the fall of 2021. Each partner organization receiving a grant will be responsible for conducting outreach and soliciting request for assistance from property owners, businesses and developers.
Eligible recipients will not apply directly to DEED for funding: only the partner organizations. 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.
Photo of downtown Shakopee, Minnesota is by Jon Platek via Wikipedia.