The Hutchinson organization chosen to distribute economic stimulus funds to the region
ST. PAUL – State Representative Dean Urdahl of the Township of R-Acton announces that the Southwest Initiative Foundation of Hutchinson has been selected distribute $ 2,232,400 in grants and loans to support economic recovery from the impacts of the COVID-19 outbreak.
Specifically, the Minnesota Department of Employment and Economic Development has appointed SIF to facilitate the distribution of the first tranche of funding from the Main Street Economic Revitalization Program to businesses in the Litchfield, Worthington and Granite Falls trade corridors. .
This new $ 80 million state-wide economic redevelopment program, split into two rounds of applications, will provide grants to partner organizations to establish programs within specific communities which, in turn, will fund economic development and redevelopment projects.
This program, according to DEED, provides grants to partner nonprofit organizations to fund 30% matching grants up to $ 750,000 and guaranteed loans up to $ 2,000,000 to eligible beneficiaries for eligible projects designed to meet the greater economic development and redevelopment needs that have arisen in the communities. across Minnesota since March 15, 2020. This includes the hardships experienced by the pandemic, civil unrest, and other challenges in our trade corridors since that date.
âIt’s good to see that an organization in our region has been selected to participate in this program and it should help direct these resources to where they are needed most,â said Urdahl. âOur local economies are tied to the success of our main streets. I hope this program provides the spark that struggling small businesses need after the hardship they have endured in the midst of the pandemic. “
DEED reports that SIF is a rural and regional community foundation serving the 18 counties and two indigenous nations of southwest Minnesota. Organizations from the Brooklyn Center, Rochester, Duluth, Park Rapids, Minneapolis, Saint Paul, and Virginia were also selected as MSER first-round partners.
ACTE indicates that eligible recipients will apply for funding directly from local organizations. These groups will be able to answer questions and provide more information about the process when setting up their programs.
More information is available at www.mn.gov/acte.