In partnership with the Minneapolis Foundation, the Economic Response Fund offers financial assistance to Lake Street corridor businesses that have experienced operational disruptions in recent weeks due to the federal immigration presence.

Elevate Business HC offers Hennepin County businesses no-cost business support designed to help businesses at any stage grow and thrive. They have contracted with 25 professional business advisors and specialized consultants to offer free expert support to local businesses in a wide range of areas including:

• Accounting

• Finance

• Legal

• Marketing

• Social media

• Web development

• Human Resources

• And more

If you are interested in applying for this program, please visit the Hennepin County website.

The purpose of this program is to help the Lake Street property and business owners within commercial properties to recover from the civil unrest faced in 2020 and 2021.  These efforts range from minor repairs to exterior building improvements.

The program will focus on upgrades that are like, kind, and quality in nature. Possibly improvements will include painting, murals, metal panels, signage, pressure washing, security glazing, exterior surveillance cameras, and lighting improvements.

The work will be coordinated with the community construction manager from Mortenson Construction and funded by the Minneapolis Foundation.

For more information on eligibility or any other question, please email or call:

Matt Helleen, Project Manager
763-287-3724
matthew.helleen@mortenson.com

The Main Street Economic Revitalization Program from the Minnesota Department of Employment and Economic Development (DEED) is an $80 million statewide economic redevelopment program that will award grants to local partner organizations to establish programs within specific communities that will, in turn, fund economic development and redevelopment projects. 

In the Twin Cities, the Minneapolis Foundation, Propel for Nonprofits, and LISC Twin Cities will be awarding $18 million in grants to small businesses. These grants will go out in multiple rounds over the next two years, recognizing that some projects are shovel-ready now, with all other necessary funding streams in place, while others are still in development. In general, these funds will be focused on development projects resulting from the 2020 civil unrest.

Eligible Uses

Under this program, the selected partner organizations will offer grants of up to $750,000 per project or up to $2,000,000 in guaranteed loans. Leveraged grants can cover up to 30% of project costs. Guaranteed loans will be guaranteed by the state up to 80% of the value of the loan.

Leverage grants and guaranteed loans can be used by eligible recipients for the following:

• Repair, or renovation of real property

• Building construction

• Landscaping and streetscaping

• Demolition and site preparation

• Predesign and design

• Engineering

• Infrastructure

• Related site amenities

Eligible project expenses do not include the purchase of real estate or business operations or business operating expenses, such as inventory, wages, or working capital.  Only commercial property owners will be eligible to apply for these funds. More details about eligibility will be made public when the application launches. The application for these grants will be available in winter/spring 2022 on the Minneapolis Foundation website. Lake Street Council will publicize the application through its business newsletter when it becomes available. 

In spring 2022, DEED will release an additional round of funding to partner organizations, which may increase the total pot of funds available to Lake Street businesses.