Northwest Minnesota Foundation awarded $2.2 million in DEED funding
May 18—BEMIDJI — The Northwest Minnesota Foundation has been awarded $2.2 million by the Department of Employment and Economic Development to establish programs meant for economic development and recovery in the region.
The funding is a part of the second round of the Main Street Economic Revitalization Program, which awarded over $40 million to 14 organizations across Minnesota, a release said.
NMF's funds will be used to fund development projects in the commercial corridors of Bemidji, East Grand Forks and along Highway 59 in White Earth Nation.
"We know that strong local businesses make our whole community stronger," Michael Neusser, NMF's vice president of operations, said in the release. "We are thrilled to have resources to help our businesses move ahead."
The program provides grants to nonprofit partner organizations to help distribute funds for economic development needs in their regions.
Local businesses in the corridors mentioned above that would like to seek funding can apply directly to NMF for grants or loans. More information on how to request assistance for eligible projects will be announced soon.
NMF will be able to offer grants not exceeding $750,000 per project and loans not exceeding $2 million. The specific amount awarded to each project may vary.
Including the first round of funding, the DEED program has awarded over $80 million across the state to help businesses and communities recover from the economic impacts of COVID-19 and other factors.
