2020-06-24 Report - Laserfiche WebLink

Home Browse Search

EDA Revolving Loan and Grant Program The EDA recently met and reevaluated their Revolving Loan and Grant Program. In order to attract more applications, the EDA reduced the matching requirement for the grant portion of the program to a 1:1 match. Meaning for a $10,000 project, a property could receive a $5,000 grant. The maximum grant remains at $5,000. Businesses may receive one grant every 5 years. Interstate Blue Logo Sign Program The EDA recently established the Intersta restaurants, gas stations and other qualifying attractions, can now apply for their establishments to be featured on the blue signs you see on the interstate. The EDA will more consumers to our area, from the freeway. Quad Area Chamber of Commerce Eat Local Campaign The Quad Area Chamber of Commerce is teaming with the Lino Lakes Rotary Club to help local restaurants by purchasing signs for them to place outside, letting folks know that they are open for take-out and delivery options. Minnesota Technology Corridor The EDA voted to participate, financially, in a Data Center Feasibility Report, from consultant Excipio. The assessment includes detailed financial analysis of state and other tax incentives as well as an analysis of power and broadband availability. Having this evaluation done, is much like certifying a site much more marketable to the data center market. The Executive Director was given parameters within which to negotiate Small Business Relief Grants (DEED) The Minnesota Department of Employment and Economic Development (DEED) will oversee the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process. Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These are grants and no repayment will be required. Applications for the Small Business Relief Grant Program are now open and will be accepted until 5:00 p.m. on Thursday, July 2. https://mn.gov/deed/business/financing-business/deed-programs/relief/