Main Street Economic Revitalization Partnership
Today the Minneapolis Foundation, Propel Nonprofits, and LISC Twin Cities received notice that the Minnesota Department of Employment and Economic Development (DEED) approved $20.8 million to fuel small business recovery and rebuilding in the Minneapolis business corridors worst hit by the combined impact of COVID-19 and the destruction following the murder of George Floyd.
This grant is an important public investment in our community as it continues the long, hard work of transformative rebuilding. We deeply appreciate the Minnesota Legislature, the Minneapolis delegation, DEED, and Commissioner Steve Grove for recognizing this critical need.
These resources will be distributed to businesses and organizations through a process using priorities and criteria set by local communities along Lake Street and the area around 38th and Chicago in South Minneapolis, and West Broadway in North Minneapolis. It will take a month or two for that process to emerge, and we look forward to sharing more details as they are available. For news and updates, please continue to check the Minneapolis Foundation’s website.
This state funding will be paired with $30 million in loan funds provided by LISC and Propel, building on recovery efforts that they and other community partners began in the summer of 2020. These investments include support flowing to local businesses through Propel’s Recovery Capital Loans and LISC’s Community Asset Transition (CAT) Fund. This grant also comes alongside $8.5 million raised to date by the Restore-Rebuild-Reimagine Fund of the Minneapolis Foundation. This fund started with a challenge grant from the Delta Dental of Minnesota Foundation and has received major support from Target Corporation, the Donaldson Foundation, Mortenson, and others.