Grow Minnesota!

"Get Ready to Grow"

The Pohlad Family Foundation and Minnesota Chamber of Commerce
Small Business Economic Recovery Assistance

The Pohlad Family Foundation has pledged $5 million to help small businesses in Minnesota survive the current economic crisis and be poised for recovery. The money will be distributed in partnership with Grow Minnesota!, the Minnesota Chamber of Commerce’s private-sector initiative aimed at retaining and creating jobs.

Small businesses will have access to grants to retain their employees while planning for and adjusting to their futures. Access to short-term, low-interest working capital and capital improvement loans also will be available to help continue operations and finance capital improvements consistent with a company’s growth plans.

What small businesses are eligible?

• Privately-owned, for profit.
• Annual sales up to $10 million.
• Fewer than 50 employees.
• For loan applicants – application to a traditional banking institution made and denied.

For what purposes may funding be used?

• Employee salaries and benefits in combination that best enables the business to retain valued employees.
• Consultant assistance for growth/stabilization planning.
• Working capital loans for business expenses requiring prepayment or payment upon delivery.
• Short-term capital improvement loans for facility and/or equipment purchases, including bridge loans for purchases that require longer-term financing.

What funding is available?

• Grants to retain valued employees while planning and making adjustments for future success up to $50,000 for each retained job, up to four positions per business; or,
• Grants up to $10,000 for a consultant to assist with business planning; or,
• Short-term, low-interest (3%) working capital loans up to $50,000 to continue business operations or,
• Short-term low-interest (3%) capital improvement loans up to $50,000 to finance improvements consistent with the company’s strategic plan.

How do I apply?

The application deadline has passed.

How will applications be reviewed?

• Viability of the business/industry in a “good” economy.
• Strength of the applicant’s balance sheet prior to the current recession.
• Commitment of current ownership/management to sustain the business. Action taken to date to maintain the business.
• Preparation to date for growing the business through 2010.
• Will the grant or loan be sufficient so the business survives and/or is prepared to grow as the economy improves?

When is an application considered complete?

• The on-line application must be complete and all required financial statements submitted.
• The local chamber partner completes and reports a Grow Minnesota! visit to the company. A previously reported visit within the last 12 months qualifies.

What is the deadline?

• April 24th: Application available on the Minnesota Chamber’s Grow Minnesota! web site.
• May 29th: Completed applications due to local chamber Grow Minnesota! partner.
• June 15th: Completed applications submitted electronically to the Minnesota Chamber’s Grow Minnesota! office.
• July 22nd: Final review of all applications.
• August 1, 2009: Decisions announced and grants/loans distributed.

For more information, contact your local chamber Grow Minnesota! partner listed below or Kathi Schaff, at Grow Minnesota! at (651) 292-4667 or kschaff@mnchamber.com She will help you identify the appropriate Grow Minnesota! partner to contact.