The Minneapolis Foundation has launched the Economic Response Fund, backed by contributions from more than 35 Minnesota companies and individual donors, to provide $4 million in support for small businesses across the state. The fund will be distributed through seven nonprofit partners with extensive experience in small business assistance, ensuring that financial aid reaches communities in need as quickly as possible. Grants will be made on a rolling basis to help businesses stabilize in the coming weeks.
The initiative is a collective effort to address challenges faced by small businesses due to reduced revenue, workforce issues, temporary closures, or safety and security concerns. R.T. Rybak, President and CEO of the Minneapolis Foundation, emphasized that the fund represents a crucial step in mobilizing resources for local businesses and hopes it will encourage additional investment from the wider business community.
Eligible small businesses may receive grants ranging from $2,500 to $10,000, with priority given to areas experiencing the greatest disruptions. The fund supports businesses with up to 40 employees, whether they are currently operating or temporarily or permanently closed due to disruptions.
Grant funds can be used for a variety of business-related expenses, including payroll, rent or mortgage payments, utilities, inventory replacement, safety and security costs, short-term revenue loss, insurance deductibles, legal or translation services, and temporary relocation.
The nonprofit partners responsible for distributing the grants include the African Development Center, Lake Street Council, Latino Economic Development Center, LISC MN, Neighborhood Development Center, PFund Foundation, and West Bank Business Association. Applications will remain open until all available funding has been allocated.
