Businesses in the Lake Street corridor operating from a storefront location open to the public are eligible to apply for funding if they can demonstrate need and have received less than $5,000 in total from the Federal Paycheck Protection Program (PPP), the Hennepin County Small Business Relief Fund, or the Minnesota Small Business Relief Grant.
Sponsoring Agency: Lake Street Council
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/17/2021
Size of the Fund: Less than USD $50,000
Businesses in the Lake Street corridor operating from a storefront location open to the public are eligible to apply for funding if they can demonstrate need and have received less than $5,000 in total from the Federal Paycheck Protection Program (PPP), the Hennepin County Small Business Relief Fund, or the Minnesota Small Business Relief Grant.
This grant is focused on supporting Lake Street’s small and medium-sized for-profit businesses whose income has been impacted by the pandemic and that have not been able to access significant assistance from federal, state, and county COVID grant programs.
Priority will be given to businesses based on the size of the business, the number of employees, the amount of other financial support received, demonstrated need, and other criteria.
Lake Street Council seeks to maintain the economic vibrancy and opportunities Lake Street’s businesses provide and ensure that business community will be able to withstand the challenges that the pandemic has presented.
Funding Information
• Total Available Funds: $200,00
• Grant Size: between $5,000 and $10,000
Usage of Funding
Grants are intended to support the continued operations of the business. Funds may be used to pay legitimate business expenses incurred from March 2020 through April 2021. Examples of acceptable expenses are rent or mortgage payment, utilities, inventory, employee wages, other operating costs.
Eligibility Criteria
Applicants must meet the following criteria to be eligible for a grant:
• Provide a complete application including any requested supporting documentation.
• Ownership and operation of a for-profit business structured as an LLC, corporation, partnership, cooperative, or sole proprietorship, with a majority ownership residing in the Twin Cities metropolitan area.
• Have a storefront location open to the public and located within the Lake Street geographic area, which is defined as the area bounded by West River Parkway on the east, 26th Street on the north, the border of Minneapolis and St. Louis Park on the west, and 34th Street on the south. Businesses who operate an open stall within a marketplace or mall are eligible to apply.
• At least 1 year of operations at the current location within the Lake Street corridor.
o Received less than $5,000 in total from any of the following sources:
o Federal Paycheck Protection Program (PPP) loan
o Hennepin County Small Business Relief Fund
o Minnesota Small Business Relief Grant
• Expenses of at least $10,000 between January 2020 and April 2021.
More information at: https://www.visitlakestreet.com/covid-relief-grant
