Join DEED for a webinar to find out about new programs and grant opportunities
Information from DEED Developments Blog
This Thursday, the Minnesota Department of Employment and Economic Development (DEED) invites Minnesota foundations, nonprofits and communities to join them to learn more about some of the new programs in the recently passed budget bills. The programs to be discussed are generally for nonprofits or cities to create projects or provide services available through a competitive process.
Details to join:
• Thursday, July 8th at 11:30 a.m.
• You can join here, and let DEED know your questions ahead of time here.
Minnesota’s small businesses and workers bore a large burden of the COVID-19 pandemic. By supporting small businesses and driving economic recovery, Governor Tim Walz’s budget ensures that communities across Minnesota aren’t just surviving, they are thriving.
During Thursday’s webinar, DEED invites you to come hear about the following business assistance programs that were in the FY2022-23 budget bills recently passed by the legislature.
• Main Street Economic Revitalization Program: This is an $80 million statewide economic redevelopment program that will award grants to partner organizations so they can provide grants and guaranteed loans for economic development and redevelopment projects. These projects will address the greatest needs that have arisen in our communities since March 15, 2020 and spur economic revitalization across Minnesota.
• Main Street COVID-19 Relief Grant Program: This is a $70 million to help small businesses negatively impacted by COVD-19. A significant portion of this $70 million will be dedicated to helping Black, Indigenous and People of Color (BIPOC) owned small businesses, veteran and women-owned small businesses and small businesses with six or fewer full-time workers.
• Business Development Competitive Grants: With a $7 million one-time increase to provide technical assistance for small businesses, DEED will award $9.85 million in grants to nonprofit organizations.
• Local Community Child Care Grant Program: This program has an additional $5 million in child care investments to increase the quantity of child care providers to support economic development.
• Emerging Entrepreneur Loan Program: DEED relies on a continued partnership with more than 20 nonprofits in delivering this program – with its annual appropriation – to reach as many eligible entrepreneurs as possible.
• State Small Business Credit Initiative: Minnesota will receive $75 million in funding for lending programs from the U.S. Department of Treasury. While the program will not be available until later this year, we will provide an update on it.
• Targeted Community Capital Project Grant Program: This is a new $24 million capital grant program (with a carveout of $6M for a specific project) that provides grants for capital projects to nonprofit organizations and government entities that provide, increase, or expand services to underserved communities or economically disadvantaged persons or groups.
While these programs have not yet been rolled out, the webinar will serve as an overview of what to expect. As these programs are developed, DEED will hold additional webinars and meetings to share more information about how to apply and who to contact.