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DEED flood funding available for northern Minnesota businesses

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DEED flood funding available for northern Minnesota businesses
Brainerd MN 506 James St. / PO Box 974 56401

DEED flood funding available for northern Minnesota businesses

Businesses and other entities that sustained damages in the storms and heavy flooding that struck northern Minnesota and other areas in mid-June may be eligible for loans from the Minnesota Department of Employment and Economic Development (DEED).

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The agency has $15 million in flood-recovery funding available under its Minnesota Investment Fund for businesses, cooperatives, utilities and nonprofits in the 15 counties and three tribal lands included in a presidential disaster declaration in July.

The declaration covered Aitkin, Carlton, Cass, Cook, Crow Wing, Dakota, Goodhue, Itasca, Kandiyohi, Lake, Meeker, Pine, Rice, Sibley and St. Louis counties and the Fond du Lac Band of Lake Superior Chippewa, Grand Portage Band of Lake Superior Chippewa and the Mille Lacs Band of Ojibwe.

Under the program, funding will be awarded to communities, which will evaluate requests and award loans for local businesses and entities damaged by the storms that occurred June 14 through June 21. Eligible expenses include repair of buildings, replacement of fixtures and equipment, loss of inventory and cleanup costs. All loans for affected businesses must be closed by Dec. 31.

The loans are part of a $167 million disaster relief bill that was approved by the Legislature during a special session on Aug. 24 and signed by Gov. Mark Dayton. DEED officials have since met with local leaders to ensure that funding is distributed quickly.

Communities that are interested in applying for funding can find application materials and other information at www.tinyurl.com/FloodRecoveryFunding. Business owners who think their operations are eligible for loans should contact city or county officials in their communities.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.

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Denton (Denny) Newman Jr.
I've worked at the Brainerd Dispatch with various duties since Dec. 7, 1983. Starting off as an Ad Designer and currently Director of Audience Development. The Dispatch has been an interesting and challenging place to work. I'm fortunate to have made many friends, both co-workers and customers.
(218) 855-5889
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