The Minnesota Department of Employment and Economic Development (DEED) just launched a third and final round of Main Street Economic Revitalization Program funding to award the remaining $4.68 million balance of the $80 million program. The program was approved by the Minnesota State Legislature and signed by Gov. Tim Walz in 2021.
Organizations eligible to submit proposals for the grant funding – as partner organizations – include foundations engaged in economic development, community development financial institutions, and nonprofit organizations engaged in housing and commercial development.
“Our main streets are key local and regional economic growth drivers. Grants and loans from previous Main Street Economic Revitalization Program grant rounds helped create jobs and spark investment in key commercial corridors across Minnesota,” said DEED Commissioner Matt Varilek. “Community leaders statewide report that this program has helped spur economic revitalization and generated excitement among residents and businesses in their communities.”
Selected partner organizations will use the awarded grant funds to establish funding programs that provide assistance – 30% matching grants up to $750,000 and guaranteed loans up to $2 million – for eligible recipients and projects that support community and economic development within one or more defined commercial corridors or main street districts. To date, more than 600 individual projects have been approved with $696 million in matching funds. The net tax base increase in these communities is expected to be almost $369 million with 8,728 jobs either created or retained.
Community businesses and organizations eligible to receive funding from these partner organizations can use those awards for property repair or renovation, building construction, landscaping and street scaping, demolition and site preparation, predesign and design, engineering, non-publicly owned infrastructure or related site amenities.
DEED will select and announce the partner organizations in January 2025, followed by posting the organizations’ contact information and instructions on how to request assistance for eligible projects on the Mainstreet Economic Revitalization Program web page.
Completed proposals are due by 4 p.m. on Friday, Nov. 22. DEED will hold a program information session on Thursday, Oct. 24 at 11 a.m. Those interested in attending can join the meeting virtually or call in (audio only) at +1 651-395-7448, conference ID 704 447 998#
