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 now through July 6, 2020.
Applicants are required to provide a 1:4 match per project. Learn more about the Taconite Area Community Relief Grant Program here.
Applicants can access the grants management system (FLUXX) here.
*Businesses are not eligible applicants and must contact their local unit of government and/or see opportunity on the Business Relief Loan Program below.
You may contact Whitney Ridlon at whitney.ridlon@state.mn.us or (218)735-3004 with any questions.
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 will be administered by The Entrepreneur Fund.
Click here to view the loan guidelines as a (PDF).
For more information contact The Entrepreneur Fund at (218) 623-5747 or agency contact Scott Sundvall at scott.sundvall@state.mn.us or 218-735-3015.