DEED Launches Second Funding Round – Alexandria Echo Press

On January 27, the Minnesota Department of Jobs and Economic Development launched the second round of funding for the Main Street Economic Revitalization Program.

This $80 million statewide economic redevelopment program will provide grants to partner organizations to establish programs targeting specific main streets and commercial corridors in their areas which will, in turn, fund projects economic development and redevelopment. A total of $41 million is available in this second round of funding for partner organizations.

These projects will address the most significant needs that have emerged in our communities since March 15, 2020 and will spur economic revitalization across Minnesota. This program was approved by the Minnesota State Legislature and signed into law by Governor Tim Walz on June 29, 2021.

“In the second cycle of this program, we seek to expand efforts to help Minnesota recover from the crisis of the past two years,” DEED Commissioner Steve Grove said in a press release. “Not only will these investments create jobs, but they will also help drive economic revitalization in Minnesota communities.”

Proposals will be accepted from eligible partner organizations, which include foundations engaged in economic development; community development financial institutions; and nonprofit organizations engaged in housing and business development.

Request for Proposals (RFP)

opened on January 27; proposals are due by 4 p.m. on February 28.

“This is a unique opportunity for nonprofit partner organizations to lead revitalization efforts in their communities,” DEED Deputy Commissioner for Economic Development and Research Kevin McKinnon said in a statement. Press release. “We hope to see a wide range of creative proposals.”

Partner organizations selected for grants will then initiate programs within their communities to provide grants and loans to businesses, nonprofits and developers – funds that can be used for demolition, repair, renovation and construction of eligible projects.

“These investments will jump-start the rebuilding process in Minnesota,” said Maureen Ramirez, director of economic opportunities at DEED, in a press release. “Strong small businesses make our communities stronger, and these investments help create economic wealth.

A total of $80 million is available in grants to partner organizations. $38 million was awarded in the first round, and up to $41 million is available in this second round. It is expected that at least half of the second round funds will be awarded to partner organizations serving communities outside the Twin Cities metropolitan area.

Partner organizations for the Main Street Revitalization Program will be publicly announced in the spring of 2022. Each partner organization receiving a grant will be responsible for conducting outreach activities and soliciting requests for assistance from landlords, businesses and developers.

Eligible recipients will not apply for funding directly from DEED – only from partner organizations. Once selected, the list of partner organizations will be publicly available with their contact details and instructions on how to request support for a specific eligible project.

For more information – including recordings of previous sessions, eligibility criteria and more – visit

https://mn.gov/deed/business/financing-business/deed-programs/emergency-programs/economic-revitalization/

.

If you have additional questions about Main Street Economic Revitalization Grants, email [email protected]

Comments are closed.