State of Minnesota approves $150,000 addition to Business Flood Recovery Fund

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 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 also were made to businesses in Douglas County, Wis., through fund money contributed by the Minnesota Power Foundation.

The Northland Foundation has also moved the grant application deadline from Sept. 14-Dec. 31.

“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 grant-making 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.”

Businesses faced with flood recovery expenses are encouraged to apply quick-turnaround grant to help businesses perform site clean-up, replace equipment and inventory, and make repairs.

Applications are reviewed on a weekly basis. Links to download the Business Flood Recovery Fund Grant guidelines and application form can be found at http://www.northlandfdn.org/Grants. For more information, visit the website or contact Torch or Carole Saylor, grants manager, at (218) 723-4040.

Tags: business, weather, minnesota