Main Street Revitalization (MSR) Program

SECOND ROUND: MAIN STREET REVITALIZATION (MSR) PROGRAM

The Initiative Foundation received an award of just under $4.5 million, which is to cover Main Street Revitalization projects for 6 cities. There was approximately $493,000 set aside for Long Prairie. After the first round of grant applications, $220,000 was disbursed.  There is $273,000 remaining.  The Long Prairie Economic Development Authority in now taking new applications. 

The grant funds represent a matching opportunity:

  • 30% state funds/grant
  • 70% local dollars (your contribution/match) 

These funds support:

  • Repair or renovation of real property
  • Building Construction
  • Landscaping and streetscaping
  • Demolition and site preparation
  • Project pre-design and design
  • Engineering
  • Non-municipal infrastructure
  • All projects must be awarded and initiated within 6 months and completed within 36 months.

Criteria for evaluating eligible projects:

  • Increase in the tax base
  • Increase and support business ownership by minorities, women, veterans, or other protected
  • class of entrepreneurs
  • Increase in housing capacity or childcare slots
  • Targeted support for small businesses
  • Redevelopment of anchor institutions
  • Maximize leverage (private investment) in the designated corridor
  • Increase in jobs

Timeline:

  • Final application due May 31, 2023
  • Funds will be awarded within 6 months if not sooner

**Please keep a running list of questions, and feel free to contact"

For Spanish contact: 

Elizabeth Quillo at (320) 339-1131 & Johanna Diaz Torres (787) 902-5785 vidainterpreting@gmail.com

English Application | Spanish Application

Applicants to the Main Street Economic Revitalization Program looking for matching funds should first contact local banks or lenders, but might also consider a loan from the Initiative Foundation (which is administering this program) for a portion of the project costs.

We generally work in partnership with your bank as a gap lender on larger projects, but may consider serving as a lead lender for smaller projects. We are also open to partnering with other CDFIs like the Latino Economic Development Center, the African Development Center, and First Children’s Finance.

The FINAL application will be due May 31, 2023.

After your final application is submitted, all applications will be reviewed again, ranked and forwarded to the Initiative Foundation. The Initiative Foundation will make the final decisions about funding the projects in Long Prairie. 

Because the grant dollars awarded through this program are public funds, any project proponent that receives $200,000 or more is required to pay prevailing wage.

Applicants to the Main Street Economic Revitalization Program looking for matching funds should first contact local banks or lenders, but might also consider a loan from the Initiative Foundation (which is administering this program) for a portion of the project costs.

The Initiative Foundation is a mission-driven lender and certified Community Development Financial Institution (CDFI) that offers flexible terms to businesses and economic development projects in Central Minnesota.  

We generally work in partnership with your bank as a gap lender on larger projects, but may consider serving as a lead lender for smaller projects.  We are also open to partnering with other CDFIs like the Latino Economic Development Center, the African Development Center, and First Children’s Finance.

Loan clients also have the ability to access free and low-cost technical assistance and training to business and property owners on a variety of topics.

To learn more, reach out to Senior Business Finance Manager Dan Bullert at dbullert@ifound.org or 320-293-2514.

 

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