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Small business owners have another option to get help with a new aid grant offered by the Minnesota Department of Employment and Economic Development (DEEDS).
The $ 64,200,000 state allocated to the Main Street COVID Relief Grants program will be split into $ 10,000 and $ 25,000.
According to John Garry, Executive Director of the Development Corporation of Austin, this is another step in the right direction.
“I think local businesses and nonprofits really need to get all the help they can get,” Garry said. “I don’t want to discourage anyone, but I think there will be a lot of applicants.”
The grants are designed for small businesses in specific sectors, including military veterans, women, and blacks, indigenous peoples, and blacks.
To qualify, these companies are:
- You must employ six or fewer people and / or
- Must not have previously received support from other government aid programs.
“I think it’s really important that they keep making sure it’s a broader shortlist,” said Garry. “I think it’s good to be open to non-profit organizations that work like a company. There are actually some non-profit clubs that offer food. “
However, the biggest factor could be the short timeframe to apply for the grant. The application period started on September 20, the funding period ended on Wednesday, September 29, 11:59 p.m.
Garry speculates that part of the reason may be a desire to get small business grants as soon as possible while taking the time necessary to select which companies will receive the money.
“It’s pretty short, no doubt about it,” said Garry. “I think DEED is really committed to getting this money as soon as possible once it’s allocated to the companies.”
After the deadline, DEED will review the applications and the prizes will be paid out and administered. The money granted can be used for working capital that supports payroll, rent, mortgage payments, utility bills, and similar expenses incurred or incurred since March 12, 2020.
The news of the grant program is welcome, Garry said, but at the same time he is pleased that Austin’s own small businesses are holding up as they did during the pandemic.
“Looking back on April or May last year, more companies have managed to stay in business than I think people expected,” said Garry. “I think Austin is a more stable community in general. There were a lot of people who worked through that. “
Further information and application information can be found at: https://mn.gov/deed/business/financing-business/deed-programs/emergency-programs/main-street/.
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