The jobs bill passed this legislative session is the largest jobs bill in Minnesota’s history.
Over $275M will be available through a host of economic development programs that will help Minnesota recover from the COVID-19 pandemic.
“We’re working hard to make sure businesses and communities across the state have access to this funding and are aware of our economic development programs and services. At the same time, we’re helping ensure individual Minnesotans get the training and resources they need to secure good jobs through our workforce development programs.
Our goal is to get these dollars out to partners and businesses as fast as we can and in a manner that is fair, transparent, and achieves the highest impact for those who need it most. To give you a sense for all that lies ahead, here are a timeline and descriptions for a series of DEED’s workforce and economic development programs launching in the coming weeks.
Here is a closer look at a few of the economic development programs coming soon:
• Main Street Economic Revitalization Program: This is an $80 million statewide economic redevelopment program that will award grants to partner organizations so they can provide grants and guaranteed loans for economic development and redevelopment projects.
• Main Street COVID-19 Relief Grant Program: This is a $70 million program to help small businesses negatively impacted by COVD-19. A significant portion of this $70 million will be dedicated to helping Black, Indigenous and People of Color (BIPOC) owned small businesses, veteran and women-owned small businesses and small businesses with six or fewer fulltime workers.
• Business Development Competitive Grants: With a $7 million one-time increase to provide technical assistance for small businesses, DEED will award $9.85 million in grants to nonprofit organizations that provide business assistance to targeted groups. Applications for grants will open on August 11 and are due September 15.
• Local Community Child Care Grant Program: This program has an additional $5 million in child care investments. It provides grants to communities to increase the supply of quality child care providers in order to support regional economic development. Eligible recipients include local government units or nonprofit organizations with experience in child care. Applications for grants will open August 26 and are due September 30.
• Emerging Entrepreneur Loan Program: DEED relies on a continued partnership with more than 20 nonprofits in delivering this program – with its annual appropriation – to reach as many eligible entrepreneurs as possible. It received $1 million in additional funding during this legislative session.
• Targeted Community Capital Project Grant Program: This is a new $24 million capital grant program (with a carveout of $6 million for a specific project) that provides grants for capital projects to nonprofit organizations and government entities that provide, increase, or expand services to underserved communities or economically disadvantaged persons or groups.