HUTCHINSON, Minn. – Southwest Initiative Foundation is one of eight organizations chosen statewide for the first round of the Main Street Economic Revitalization Program through the Department of Employment and Economic Development (DEED). This new $80 million statewide economic redevelopment program, distributed through two rounds of applications, will award grants to partner organizations to establish programs within specific communities that will, in turn, fund economic development and redevelopment projects.
The first round of grants will award up to $39,850,000 to organizations across Minnesota. The second round of funding, with up to $40 million in funding, will be made available in March 2022.
“Minnesota’s main streets are key drivers of growth, and so many of them have suffered in the last 18 months,” said DEED Commissioner Steve Grove. “These grants and loans will create jobs, and they’ll help spark investment in key commercial corridors across the state.”
This program is designed to address the greatest economic development and redevelopment needs that have arisen in communities across Minnesota since March 15, 2020, including hardship suffered due to the pandemic and civil unrest.
Southwest Initiative Foundation will receive $2,232,400 to provide grants and loans to businesses in the commercial corridors of Litchfield, Worthington and Granite Falls to support economic recovery from the impacts of the COVID-19 outbreak.
“Our rural communities are coming together in the way they always do in times of crisis to work collectively – across multiple sectors – to rise up to whatever challenges they face. Southwest Initiative Foundation is honored to be a partner with DEED on bringing this incredible resource to our region,” said SWIF President and CEO Diana Anderson.
Partner organizations receiving grant funds from this program can use the funds to establish a program within their service area to provide assistance to eligible recipient and projects.
Once programs are established, partner organizations can offer grants and guaranteed loans. Leveraged grants can cover up to 30 percent of project cost. Guaranteed loans will be guaranteed by the state up to 80 percent of the value of the loan.
Leverage grants and guaranteed loans can be used eligible recipients for the following:
- Repair, or renovation of real property
- Building construction
- Landscaping and streetscaping
- Demolition and site preparation
- Predesign and design
- Related site amenities
The following organization have also been selected to be partnership organizations through the first round of Main Street Economic Revitalization awards.
- African Career, Education & Resource (ACER), INC, Brooklyn Center, $312,000
- Destination Medical Center Economic Development Agency, Rochester, $3,120,000
- Duluth Local Initiatives Support Corporation Inc., Duluth, $1,235,100
- Heartland Lakes Development Commission, Park Rapids, $208,000
- The Minneapolis Foundation, Minneapolis, $20,800,000
- Saint Paul and Minnesota Foundation, Saint Paul, $8,960,000
- Virginia Community Foundation, Virginia, $1,794,100
More information will be made available as this funding is finalized.