18 Million in Main Street Grants for Small Businesses
About the Minneapolis Foundation: The Minneapolis Foundation drives collective action to realize strong, vibrant communities. The Foundation cultivates generosity by taking action on the greatest civic, social, and economic needs—partnering with nonprofits, facilitating grantmaking, driving research and advocacy, and providing services to donors seeking to make a difference in their communities. www.minneapolisfoundation.org
About LISC Twin Cities: With residents and partners, LISC forges resilient and inclusive communities of opportunity–great places to live, work, visit, do business and raise families. Since 1988, Twin Cities LISC has invested $900 million to build or rehab 17,404 affordable homes and apartments, developed 2.4 million square feet of retail, community and educational space, and served over 7,500 families at Financial Opportunity Centers. To learn more, visit tclisc.org or follow us on Twitter @LISC_TwinCities and Facebook @LISCTwinCities.
About Propel Nonprofits: Propel Nonprofits fuels the impact and effectiveness of nonprofits with guidance, expertise, and capital. This mission is in service to a vision of a diverse network of mission-driven nonprofits building a healthy, vibrant, and more just community. Propel is a federally certified Community Development Financial Institution (CDFI) and provides capacity-building services that include accounting and finance, board governance, fiscal sponsorship, lending, skills and knowledge sharing, strategic consulting, and training. Propel Nonprofits serves nonprofit organizations in Minnesota and the adjacent states of Iowa, North Dakota, South Dakota, and Wisconsin. Learn more at propelnonprofits.org.
About DEED: DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For details about the agency and its services, visit the DEED website, the JoinUsMn.com website, or follow us on Twitter.
In partnership with LISC Twin Cities and Propel Nonprofits, the Minneapolis Foundation will administer grants for projects in the business corridors worst hit by COVID-19 and the destruction following George Floyd’s murder.
MINNEAPOLIS, Minn. — The Minneapolis Foundation, in partnership with LISC Twin Cities and Propel Nonprofits, today announced the launch of a new grant opportunity to support small business recovery and rebuilding in three of the Minneapolis business corridors worst hit by the combined impact of COVID-19 and the destruction following the murder of George Floyd.
Thanks to a significant funding allocation from the Minnesota Department of Employment and Economic Development (DEED)’s Main Street Economic Revitalization Program, the Foundation will distribute $18 million in grants to businesses, property owners, developers, and nonprofit organizations advancing renovation or new construction projects along Lake St., 38th St. and Chicago Av. in South Minneapolis, and West Broadway Av. in North Minneapolis.
“These grants build upon work that began in the summer of 2020, when people across our community came together to support small businesses in recovering from uninsured damage estimated at more than $200 million,” said R.T. Rybak, President and CEO of the Minneapolis Foundation. “This state funding is a critical contribution to an unprecedented coalition that also includes large and small nonprofits, large and small businesses, and many community organizations.”
The Foundation will begin accepting pre-applications for Main Street grants starting today. Prospective applicants can review detailed grant guidelines and eligibility information by going to www.minneapolisfoundation.org/main-street.
Grant proposals will be accepted on a rolling basis through the Minneapolis Foundation’s website. Applicants may apply for up to 30% of an eligible project’s cost, up to $750,000. Funding may be used for repair or renovation of real property, building construction, landscaping and streetscaping, predesign and design, engineering, infrastructure, and related site amenities.
“Nonprofits in these corridors are essential community-builders that offer important services like social safety nets, employment opportunities, education, and access to arts and culture; investing in their recovery makes Minneapolis better.”
WHERE
Lake Street, from the Mississippi River to the Uptown neighborhood.
38th Street, from Bloomington Avenue on the East to Nicollet Avenue on the West.
West Broadway in North Minneapolis, from I-94 on the East to Queen Avenue on the West.
WHEN
Applications will be reviewed on a rolling basis, with grant awards beginning in Spring 2022. All funding will be distributed by December 31, 2024. Projects must be completed by December 31, 2026.
WHY
Rebuild and recover!
Read More about Main Street Recovery
