DEED offers grants to revitalize Main Street
News | Published on February 23, 2022 at 5:13pm EST | Author: Chad Koenen
0Application deadline is Feb. 28
In support of the second round of funding through the Main Street Economic Revitalization Program, the Minnesota Department of Employment and Economic Development (DEED) hosted an information session to share details about the $80 million available for statewide economic redevelopment. DEED will award grants to partner organizations to establish programs targeting specific main streets and commercial corridors in their regions that will, in turn, fund economic development and redevelopment projects.
These projects will address the greatest needs that have arisen in communities since March 2020, and spur economic revitalization across Minnesota. A total of $41 million is available in the second round of funding for partner organizations.
“In the second round of this program, we are looking to expand on the efforts to help Minnesota recover from the crisis of the last two years,” said DEED Commissioner Steve Grove. “Not only will these investments create jobs, they will also help energize economic revitalization throughout communities across Minnesota.”
Proposals are accepted from eligible partner organizations, which include foundations engaged in economic development; community development financial institutions; and nonprofit organizations engaged in housing and commercial development. The request for proposals (RFP) is open, and proposals are due by 4 p.m. on Feb, 28.
“This is a unique opportunity for nonprofit partner organizations to lead revitalization efforts in their communities. We hope to see a broad range of creative proposals.”
DEED Deputy Commissioner of Economic Development and Research Kevin McKinnon
Partner organizations selected for grants will then launch programs within their communities to provide grants and loans to businesses, nonprofit organizations and developers—funds which can be used for the demolition, repair, renovation and construction of eligible projects.
“These investments will jumpstart the rebuilding process in Minnesota,” said Maureen Ramirez, Director of Economic Opportunity at DEED. “Strong small businesses make our communities stronger, and these investments help build economic wealth.”
A total of $80 million is available in grants to partner organizations. $38 million was awarded in the first round, and up to $41 million is available in this second round. It is expected that at least half the funds in the second round will be awarded to partner organizations serving communities outside the Twin Cities metropolitan area.
Main Street Revitalization Program partner organizations will be publicly announced in the spring of 2022. Each partner organization receiving a grant will be responsible for conducting outreach and soliciting requests for assistance from property owners, businesses and developers.
Eligible recipients will not apply directly to DEED for funding—only to the partner organizations. Once selected, the list of partner organizations will be publicly available along with their contact information and instructions on how to request assistance for a specific eligible project.
For more information visit the Main Street Economic Revitalization Program section of DEED’s website. Additional questions can be emailed to MSERP.DEED@state.mn.us.