The Minneapolis Foundation, in partnership with LISC Twin Cities and Propel Nonprofits, has 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.
Donor Name: Minneapolis Foundation
State: Minneapolis
Type of Grant: Grant
Deadline: Ongoing
Size of the Grant: $750,000
Details:
The Minnesota Department of Employment and Economic Development’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.
Funding Information
- Grant awards can cover up to 30% of an eligible project cost, up to $750,000.
What They Will Fund
Grants are available for pre-development and design and hard costs related to actual construction. Funds cannot be used for the purchase of property or costs associated with the general operations of a business.
- Eligible Expenses: Repair or renovation of real property, building construction, landscaping and streetscaping, predesign and design, engineering, infrastructure, related site amenities
- Ineligible Expenses: Purchase of real estate, business operations or operating expenses, inventory, wages, working capital
Who Is Eligible to Apply?
Projects must be located in one of these commercial corridors: Lake Street, the area around 38th Street and Chicago Avenue, and North Minneapolis’ West Broadway Avenue. Priority will be given to businesses and organizations that represent Black, Indigenous, or people of color whose projects will build wealth, create jobs, and stabilize communities along the corridors.
- Eligible Applicants: Businesses and property owners, nonprofit organizations, developers (for-profit and nonprofit)
- Ineligible Applicants: Local governments
- Examples of Eligible Recipients
- A property owner whose building was damaged by fire and who wants to leverage their insurance proceeds to redevelop the property
- A business owner who has purchased their previously leased space and wants to remodel vacant space on the 2nd and 3rd floor for additional housing or offices
- A nonprofit agency that has purchased a vacant property and wants to develop it into a community-based small business incubator
- A developer that has purchased a vacant lot and wants to develop it into a mixed-use facility with commercial and housing space.
For more information, visit Minneapolis Foundation.
