State approves $150,000 addition to Business Flood Recovery FundThe Minnesota Department of Employment and Economic Development has approved $150,000 to the Business Flood Recovery Fund, which was established by the Northland Foundation in response to the devastating June floods in northeastern Minnesota.
The Minnesota Department of Employment and Economic Development has approved $150,000 to the Business Flood Recovery Fund, which was established by the Northland Foundation in response to the devastating June floods in northeastern Minnesota.
The state money is being packaged as a forgivable loan which will become a grant upon successful deployment of the money by the Northland Foundation.
To date the fund has distributed 46 grants totaling $196,471 to small businesses located primarily in Aitkin, Carlton and St. Louis counties. Several grants were also made to businesses in Douglas County, Wis., through fund monies contributed by the Minnesota Power Foundation.
The Northland Foundation has also moved the grant application deadline from Sept. 14 to Dec. 31, 2012.
“We set parameters in the days immediately after the flood, when the full extent of the damage and the status of federal assistance weren’t known yet,” said Erik Torch, director of grantmaking at the Northland Foundation.
“With the great response from the many organizations that stepped forward to contribute to the fund – including the latest from the state – and the staggering need in the region, we needed to extend the application period,” explained Torch.
Businesses faced with flood recovery expenses are encouraged to apply for a grant.
The quick-turnaround grants are designed to help businesses perform site clean-up, replace equipment and inventory, and make repairs. Applications are reviewed on a weekly basis, and grant guidelines and application forms can be accessed at: http://www.northlandfdn.org/Grants.
For more information, visit the Northland Foundation website or contact Erik Torch or Carole Saylor, grants manager, at 218-723-4040.