Second Round of
Main Street Funding Awarded
Heroic small businesses who have faced so many challenges in the past two years got great news that the state stands with them as we rebuild our core commercial streets. Today the Minneapolis Foundation, Propel Nonprofits, LISC Twin Cities, and the Metropolitan Economic Development Association (Meda) received notice that the Minnesota Department of Employment and Economic Development (DEED) approved an additional $16.75 million to fuel small business recovery and rebuilding in Minneapolis and inner-ring suburbs.
This funding is a critical investment in diverse communities that must be rebuilt for the economic engine of Minnesota to thrive.
We deeply appreciate the Minnesota Legislature, Governor Tim Walz, the Minneapolis delegation, DEED, and Commissioner Steve Grove for recognizing this need, and for supporting the vision of the many small business leaders who are working to build a community that is stronger than ever.
This funding will enable us to expand the geographic area served by our Main Street grant program. In addition to distributing resources along Lake Street, West Broadway Avenue, and the area around 38th and Chicago, we will also be able to support projects in Brooklyn Center and Brooklyn Park and along Franklin Avenue in Minneapolis, the Cedar Riverside neighborhood, and a larger area of North Minneapolis.
Funding will be distributed to businesses and organizations through a process similar to the Main Street grant program that is already underway in Minneapolis, using priorities and criteria set by local communities. Please continue to check our website for updates as we expand this program in the coming weeks.
These Main Street grants build on a variety of recovery efforts begun in 2020 by many nonprofit, business, and philanthropic institutions throughout our community, including the Minneapolis Foundation’s Restore-Rebuild-Reimagine Fund and OneMPLS Fund, Propel’s Recovery Capital Loans, and LISC’s Community Asset Transition (CAT) Fund.
For an update about the grant round that is currently underway to support recovery efforts on Lake Street, West Broadway Avenue, and 38th and Chicago, click here.