$7 million in loan and grant funding available to area businesses and communities that have been negatively impacted by the COVID-19 pandemic.
Our agency is committed to helping our region’s businesses and communities navigate through the financial impacts of the COVID-19 pandemic. The Taconite Area Business Relief Loan Program and the Taconite Area Community Relief Grant Program are intended to assist businesses and communities through the short- and long-term phases of economic recovery.
Taconite Area Business Relief Loan Program:
Businesses located within the Iron Range Resources & Rehabilitation service area are eligible to apply for 2% interest loans of up to $40,000 to be used as working capital or any legal purposes. No repayment on the loans will be due for the first six months, followed by 60 payments of principal and interest. Eligible businesses must have been in operation for at least one year and operating on March 1, 2020. Applicants must intend to re-open if currently closed due to the pandemic. It is anticipated that this program could assist approximately 200 local businesses.
The Taconite Area Business Relief Loan Program is funded at $5 million and is administered by The Entrepreneur Fund.
Click here to view the loan guidelines.
Click here for the eligibility screening for the Taconite Area Business Relief Loan Program.
For more information contact The Entrepreneur Fund at 218-623-5747 or agency contact Scott Sundvall at 218-735-3015.
Taconite Area Community Relief Grant Program:
Cities, townships or tribal units of government located within the Iron Range Resources & Rehabilitation service area are eligible to apply for a grant that serves as a lending program to businesses within that community. EDAs, HRAs, joint powers boards and community nonprofits are eligible to apply as a community’s fiscal agent. Grant applications will be competitively evaluated, and awards to communities could range from $50,000 to $400,000. Applications will be accepted June 11 through July 6, 2020.
The Taconite Area Community Relief Program is funded at $2 million.
Click here to view the grant guidelines and eligibility criteria.
Communities interested in the grant program, please contact Whitney Ridlon, 218-735-3004, Whitney.Ridlon@state.mn.us