Revitalization grants leverage $47M for improvements in 6 downtowns
20 Feb 2024
News, Business, Economic Development, Community
LITTLE FALLS — Through a yearlong partnership with the Minnesota Department of Employment and Economic Development, the Initiative Foundation awarded $4.3 million in grants to six communities in central Minnesota.
The grants leveraged an estimated $47 million in hometown improvements.
The Initiative Foundation worked with Brainerd, Cold Spring, Little Falls, Long Prairie, Pine River and St. Cloud to identify corridors that experienced COVID-19 impacts — from travel and tourism businesses to site improvement to upgrading commercial property vacancies.
The Minnesota Main Street Revitalization Program provided for 30% matching grants and guaranteed loans for economic and redevelopment needs that surfaced following the March 2020 onset of the COVID-19 pandemic. Businesses were required to secure the remaining 70% of funding. Brainerd, Cold Spring, Little Falls, Long Prairie, Pine River and St. Cloud met the deadline to apply for this special funding from DEED.