The City of St. Cloud Economic Development Authority (EDA), in partnership with Initiative Foundation is now accepting applications for grants to support business recovery and economic development along the St. Cloud Downtown Commercial Corridor.
Donor Name: City of St. Cloud
State: Minnesota
City: St. Cloud
Type of Grant: Grant
Deadline: 09/23/2022
Size of the Grant: up to a maximum of $750,000
Details:
This is a state-funded initiative intended to provide grants for capital improvement projects in commercial corridors across the state that have been impacted by conditions that have arisen since March 2020. In May 2022, the Initiative Foundation was awarded a Main Street Economic Revitalization grant of $4.5 million from the Minnesota Department of Employment & Economic Development (DEED), of which St. Cloud is one of 6 Central Minnesota communities included in this award round. Initially $1.5 million has been allocated to projects in the St. Cloud Downtown Commercial Corridor.
Funding Information
Grant awards can cover up to 30% of an eligible project cost, up to a maximum of $750,000 (e.g. total project size $2,500,000 or more). However, to fund as many projects as possible, a soft cap of $200,000 has been set. Projects receiving $200,000 or more must comply with prevailing wage requirements as required by the State of Minnesota. The minimum grant award is $3,000 (e.g. total project size $10,000 or more).
Eligibility Criteria
Business owners or developers with property located in St. Cloud Downtown Commercial Corridor and have plans to develop, redevelop, renovate, or make repairs to their property are eligible to apply. Projects that make an investment in preparation for a future project can apply to cover any of the eligible expenses listed above. Individuals leasing space should work with their landlord for any potential application.
For more information, visit City of St. Cloud.
