Funds Will Help Businesses and Nonprofits Recover from the Coronavirus Pandemic
The U.S. Economic Development Administration (EDA) has awarded $957,000 to the Mid-Minnesota Development Commission (MMDC). These funds will capitalize a new CARES ACT Revolving Loan Fund to help businesses and nonprofits in Kandiyohi, McLeod, Meeker, and Renville Counties recover from the economic injuries caused by the Coronavirus/COVID-19 Pandemic. Loans amounts will range from $7,000 – $150,000, with low fees, initial interest rates at 0% for the first two years, and first loan payment deferred up to 6 months. “We expect that many businesses and nonprofits will use this revolving loan fund as an opportunity to catch up with their vendors, make improvements, and diversify their operations. Jobs will be saved and created throughout our region”, said MMDC Economic Development Director Les Nelson.
Nelson reports that the MMDC is working with the EDA to gain approval for the new lending plan. “It’s important to know that businesses and aspiring business owners who have been financially impacted by the pandemic will be the MMDC’s lending priority”. Those interested in borrowing can find the application on the MMDC’s website, mmrdc.org. All loan payments will be returned to the fund for additional lending.
MMDC has also received a two-year, $400,000 CARES Act Supplemental EDA grant to help our four-county region recover from the Coronavirus. The agency will use the money to help businesses and local units of government improve resilience by developing local supply chains, pursuing grants, assisting with applications for various economic relief programs. The MMDC will also work to address other issues that have the potential to hamper our region’s economic recovery (e.g. broadband, childcare, and housing shortages, etc.).
Those interested in learning more about these two CARES Act EDA awards are encouraged to contact Nelson directly at [email protected].