The Minnesota Legislature on the first day of their special session passed a bill to provide $62.5 million in small business grants (not loans) of up to $10,000. Governor Walz is expected to sign.
Of the total, half will be distributed to Greater Minnesota businesses through the Initiative Foundations. Businesses with 50 or fewer FTE and who can demonstrate financial hardship as a result of COVID-19 will qualify. The bill also provides specific minimum funding amounts that must go to businesses with six or less employees and businesses that are minority-owned, women-owned, or veteran-owned.
More details and applications will be forthcoming. It is anticipated that since requests will outstrip available funding, grants will be awarded on a lottery system. Stay tuned to the Greater Mankato Growth blog for further updates.