The Minneapolis Foundation, in partnership with LISC Twin Cities, Propel Nonprofits, and the Metropolitan Economic Development Association (Meda), is now accepting proposals for grants to support business recovery and economic development along key commercial corridors impacted by challenges that have arisen since March 2020, including COVID-19 and the destruction following the murder of George Floyd.
Donor Name: Minneapolis Foundation
State: Minnesota
County: Minneapolis, Lowry, Brooklyn Center and Brooklyn Park
Type of Grant: Grant
Deadline: 01/06/2023
Size of the Grant: $750,000
Details:
Funding announced this spring from the Minnesota Department of Employment and Economic Development’s (DEED) Main Street Economic Revitalization Program, $11.5 million will be distributed to projects in these corridors:
- East Franklin Avenue in Minneapolis, from West River Parkway to Nicollet Avenue.
- The Cedar-Riverside neighborhood of Minneapolis. This area is bounded by the Mississippi River on the north and east, by Hiawatha Avenue and Interstate 35W on the west, and by Interstate 94 on the south.
- Lowry Avenue in North Minneapolis, from North 2nd Street to North Xerxes Avenue.
- Penn Avenue in North Minneapolis, from Interstate 94 to West Broadway Avenue.
- Commercial corridors in Brooklyn Center
- Commercial corridors in Brooklyn Park.
Funding Information
- In this phase of funding, the Foundation has $11.5 million available and expects to award approximately 20 grants. All funding will be committed by December 31, 2024. Projects must be completed by December 31, 2026.
- Grant awards can cover up to 30% of an eligible project’s cost, up to $750,000.
Eligibility Criteria
Projects must be located in one of these commercial corridors: East Franklin Avenue, the Cedar-Riverside neighborhood, the areas around Lowry and Penn avenues in North Minneapolis, Brooklyn Center, or Brooklyn Park. 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
- Tenants may apply for Main Street grants. However, priority will be given to applicants who own the property in question and have the ability to create jobs and build generational wealth. All applicants must demonstrate site control of the property in question, whether that’s through ownership, a purchase agreement, or approval from a landlord.
The Foundation will not fund
Grants are available for predevelopment 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
For more information, visit Minneapolis Foundation.
