Mayor Jacob Frey and city leaders announced grants to four small business recipients in Minneapolis. This substantial financial support from the Ownership and Opportunity Fund was presented on Thursday, marking a notable step in the city's efforts to aid small business owners.
This initiative underscores Minneapolis's commitment to fostering a thriving business community, especially among local entrepreneurs facing economic challenges.
Promoting Small Business: Grants to Four Small Business Recipients
The fund aims to fill in financial shortfalls for business growth projects in Minneapolis areas struggling economically.
During the holiday season, Mayor Frey has been actively promoting the city's small businesses, emphasizing that Minneapolis has much more to offer than just the usual large retail stores.
In his tour of small businesses across the city, He encouraged people to support local Minneapolis businesses.
He suggests, "When shopping for Christmas, Hanukkah, and Kwanzaa, consider choosing products made here in our city instead of those from other states or countries." He highlights the importance of choosing locally-made items.
U.S. Small Business Administrator Geri Aglipay, who accompanied Mayor Frey on his tour, emphasized that supporting local businesses should be a year-round effort, not just a one-time event.
"We celebrate Small Business Saturday annually, but it's vital to shop at small businesses throughout the year," Aglipay explained. Mayor Frey also highlighted the crucial role of local shop owners and producers in the community.
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Minneapolis Grants Boost Four Local Businesses
Jesse Ross, a local developer, is among the grant recipients. He received $700,000 to buy a building for business use in North Minneapolis. Ross emphasizes his commitment to his community, aiming to contribute to its growth.
He believes in the value of supporting other small business owners.
"You have a property owner that owns a small business and who also has built a small business to be successful so that hopefully there's an opportunity to want to help other small business owners as well," Ross mentioned.
Over the past three years, this program has helped 22 business owners like Ross with funds to buy property for their businesses.
About Property Development Fund Program
The Commercial Property Development Fund is a Minneapolis program that provides commercial real estate development funding, focusing on economically challenged areas. The program offers forgivable loans for real estate projects and is open to various business organizations.
To be qualified, applicants must be located in or willing to relocate to Minneapolis, demonstrate the ability to finance the project, and meet property-related requirements. Suitable uses of the funds include land and building purchases, construction costs, repairs and improvements, equipment, and sustainability features.
The loan terms include a 40-year term with repayment conditions and potential debt forgiveness based on specific criteria. Collateral includes subordinated mortgages or positions in other collateral.
Furthermore, there are other programs and initiatives from the local government in Minneapolis. Several community programs engage citizens. Career Works offers violence prevention training, career development, and dislocated worker support.
The city redistricts election districts based on population changes. Clean City, Adopt-a-Block, Adopt-an-Ash Receptacle, Adopt-a-Drain, Adopt-a-Litter Container, and Adopt-a-Median are volunteer programs that help residents register domestic partnerships, participate in street or alley vacations, and clean the city.
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