State Grant For Small Richfield Businesses

Press release from the City of Richfield:

June 24, 2020

Richfield small businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak are eligible to receive up to a $10,000 grant.

A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process.

Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll expenses, rent, mortgage payments, utility bills, and other similar expenses that occur or have occurred since March 1, 2020, in the regular course of business. These are grants and no repayment will be required.

To qualify, an applicant must:

• Be a private for-profit business that has a permanent physical location in Minnesota.
• Be majority owned by a permanent resident of Minnesota.
• Be in good standing with the Minnesota Secretary of State and the Minnesota Department of Revenue as of March 1, 2020.
• Employ the equivalent of 50 or fewer full-time workers.
• Be able to demonstrate financial hardship as a result of the COVID-19 outbreak.

Note:

• Home-based businesses - except for licensed child care providers - are not eligible.
• Businesses that received funding under the Small Business Emergency Loan Program (SBEL) are not eligible for this program. (However, businesses that received funding through the various Small Business Administration emergency loan programs are still eligible for this program.)

Applications for the Small Business Relief Grant Program are now open and will be accepted until 5:00 p.m. on Thursday, July 2. To learn more, or to apply visit https://mn.gov/deed/business/financing-business/deed-programs/relief/

This press release was produced by the City of Richfield. The views expressed here are the author’s own.