The mpls downtown council today awarded 102 small and independently-owned businesses that were selected to receive funding through the mpls downtown small business grant program.
The program’s focus is supporting small businesses that are central to the downtown experience. The selected businesses met the criteria of geographic location, provided requested third-party expense documentation, and met the application deadline.
Of the 102 grant recipients, funds were disbursed throughout the eligible geography and all eligible woman and/or minority owned businesses received funding. Grant funding to support the local hospitality industry was distributed with 4 percent of funds going to venues, 16 percent of funds supporting retailers, and 80 percent of funding supporting restaurants/bars.
“We are excited to award these grants to deserving small and independently-owned businesses throughout downtown,” said Steve Cramer, president and ceo of the mpls downtown council. “Small businesses are the lifeblood of our community and are crucial to the vibrancy of our downtown ecosystem. We know businesses and employees have faced great challenges over the past year, and we look forward to helping them thrive and endure as we move closer to downtown’s reanimation.”
The small business grant program offered more than $1.5 million in relief thanks to contributions by Target, Xcel Energy Foundation, Thrivent, and RBC Wealth Management.
This program strives to provide critical support for the hospitality industry, including restaurants/bars, retailers, and entertainment venues. The grant will help support businesses during the first half of 2021, at which point, more reanimation of the work force is expected to return.
Eligible businesses within the mpls downtown central business district were selected for grants up to $25,000, aimed at covering up to 50 percent of their eligible expenses including rent/mortgage, utilities, and general business insurance.
For the grant, the mpls downtown central business district is defined by:
- Washington Avenue to the NE
- Park Avenue to the SE
- 12th Street to the SW
- 1st Avenue to the NW