OWATONNA, Minn.- The Southern Minnesota Initiative Foundation (SMIF) says the deadline is fast approaching for small businesses in Southeast Minnesota to get a piece of $1.1 million in funds it has received from the Minnesota Department of Employment and Economic Development (DEED).
The money is part of the DEED’s $86 million effort to help small businesses and communities around the state recover from the long term impacts of the COVID-19 pandemic, through the PROMISE Act.
To qualify for the grant businesses must be in a small town of 20,000 people or less, make 750,000 or less in annual revenue, and have demonstrative proof that its business was hurt by the COVID-19 Pandemic shutdown.
According to DEED non-profits can apply as well, if more than 30 percent of their revenue is generated through sales or service fees.
Tim Penny, president of SMIF, says the money is meant to provide businesses a chance to get back on their feet after the COVID-19 lockdowns, by making margins a little less slim and giving recipients more room to recover.
“Those losses were through no fault of their own, they were shut down by the state for a period of time to implement our health protocols at that time,” Penny said.
The grant is meant to help businesses recover by covering operating expenses like payroll, utilities, and even rent or mortgage payments.
SMIF will be distributing around 70 grants this year by the end of June at the earliest.
Applications for the grant are due through the SMIF’s website at the end of Wednesday, April 24.
Penny says businesses will know whether or not their application has been accepted by June 1.
