Recovery fund pools money to aid flood-damaged businessesThe Northland Foundation announces a special grant fund has been created to assist businesses in northeastern Minnesota with recovery from flood damage.
The Northland Foundation announces a special grant fund has been created to assist businesses in northeastern Minnesota with recovery from flood damage. In partnership with AgStar Financial Services, Blandin Foundation, and Great River Energy Northland has established the Business Flood Recovery Fund to assist northeastern Minnesota businesses affected by the June 20 flooding. These dollars will be allocated as grants to businesses focusing primarily on Aitkin, Carlton, St. Louis, and eastern Lake Counties, as well as other areas in the Foundation's seven-county service region which sustained flood damage.
Grants up to $5,000 each will focus on the replacement or reconditioning of tangible assets including inventory, machinery/equipment/furniture, supplies, and building and site repair. Applications will be reviewed on an ongoing basis with the goal of providing a response within two to four weeks. The final grant application deadline is Sept. 14. Funds will be available for distribution until they are expended. Funds are limited and applications will be considered on a first come, first served basis.
In order to eligible for consideration, businesses must meet these criteria: must have been impacted by the June 20 flood; affirm the intention to remain open or reopen in or near the impacted community; demonstrate need for financial support; are registered with FEMA or local emergency management services; have accessed available insurance; and request support that does not duplicate other disaster recovery funding received.
For more information, contact Erik Torch, Grant Program Manager at the Northland Foundation. More details and the application form are also available online at www.northlandfdn.org.
To date $150,000 has been raised to support small businesses in their efforts to recover from the flood. The Northland Foundation will continue to raise money to support the fund and has set an initial goal of $300,000.
In addition to supporting the establishment of the Business Flood Recovery Fund, the Northland Foundation made a $15,000 grant to support the relief efforts of the American Red Cross.
Those interested in contributing to the fund should contact the Northland Foundation. Contributions are tax deductible to the extent allowed by law.