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DEED launches second round of funding

A total of $41 million is available in this second round of funding for partner organizations.

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On Jan. 27, the Minnesota Department of Employment and Economic Development launched the second round of Main Street Economic Revitalization Program funding.

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

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

“In the second round of this program, we are looking to expand on the efforts to help Minnesota recover from the crisis of the last two years,” said DEED Commissioner Steve Grove in a press release. “Not only will these investments create jobs, they will also help energize economic revitalization throughout communities across Minnesota.”

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 commercial development. Request for proposals (RFPs) opened on Jan. 27; proposals are due by 4 p.m. on Feb. 28.

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“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 in a press release. “We hope to see a broad range of creative proposals.”

Partner organizations selected for grants will then launch programs within their communities to 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.

“These investments will jumpstart the rebuilding process in Minnesota,” said Maureen Ramirez, Director of Economic Opportunity at DEED, in a press release. “Strong small businesses make our communities stronger, and these investments help build 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 the funds in the second round will be awarded to partner organizations serving communities outside the Twin Cities metropolitan area.

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

Eligible recipients will not apply directly to DEED for funding – only to 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.

For more information – including recordings of previous sessions, eligibility guidelines and more – visit https://mn.gov/deed/business/financing-business/deed-programs/emergency-programs/economic-revitalization/ .

If you have additional questions about the Main Street Economic Revitalization grants, email MSERP.DEED@state.mn.us.

Related Topics: ECHO PRESSDEVELOPMENT
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