Main Street Revitalization (MSR) Program

Thank you to all who filled out the pre-application for the Main Street Revitalization program funded by the State of Minnesota. The local review team evaluated the pre-application, and if the team has contacted you, you can now complete the FINAL application. Your final application is crucial for the 30% grant funding.  Thank you for putting forth the effort to apply and having the desire to improve your business.

There were many applications and only $490,000.  There is a lot of competition.  

The FINAL application will be due September 16, 2022.

English Application | English Explaination

Spanish Application | Spanish Explaination

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.  If your project is selected, you will be sent a secure link with which you can upload proof of your ability to provide the 70% project match. 
Examples of proof include:

Pending or open loan with a financial institution

  • Letter or line of credit
  • Bank Statement
  • Letter of commitment of funds from your Economic Development Authority or other local units of government

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.

If you have questions, please contact Rick Utech 320 732 2128 until September 2, 2022.  I will be back in the office September 6, 2022 - 320 732 2514.

ANOTHER OPTION

There is an online option for filling out the application.

  • Step ONE:  Click on link below
  • Step TWO:  Create New Account (fill in info etc.)
  • Step THREE:  Answer the questions, save and continue to collect information or submit when ready

Here is the direct link to apply for your website/marketing materials:  https://www.grantinterface.com/sl/x8aX9

QUESTIONS about online application, call Jessy Beto:
Jessy Beto (she / her / hers) Program Specialist Initiative Foundation
Office:             (320) 631-2057   Mobile: (320) 224-1713 
Email:              jbeto@ifound.org

Minnesota Department of Employment and Economic Development’s

Main Street Revitalization (MSR) program

The Initiative Foundation received an award of just under $4.5M which is to cover Main Street Revitalization projects for 6 cities.  There is approximately $490,000 set aside for Long Prairie.
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 15 months and completed within 36-months

Criteria for evaluating eligible projects 

  • Increase in 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 designated corridor
  • Increase in jobs

Timeline

  • June 27, 2022, pre-application process begins for DEED’s Main Street Revitalization (MSR) program
  • July 22, 2022, pre-application due. Drop off locations below:
    • Todd County Development Cooperation drop box across from the Long Prairie post office: 347 Central Ave #1, Long Prairie, MN 56347
    • Long Prairie Chamber of Commerce/EDA office 42 3rd St. N in the library building
    • Long Prairie City Hall
  • July 25-29, 2022, review pre-applications 
  • August 1, 2022, businesses whose projects have been selected will receive a more detailed application to complete for the funding. This will require specific financial information.
  • September 16, 2022 FINAL applications due
  • October 1, 2022, all funds will be awarded 

**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

 

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