Financial Assistance

• The MN Small Business Development Centers (MnSBDC) provide no-cost, professional business consulting to small businesses on a variety of business needs. In the wake of a disaster, MnSBDCs work with small businesses to help them assess business and capital needs, including helping small business owners access federal disaster and other loans by assisting them with the required applications and supporting financial documents.
   
  For small business flood assistance, contact Michelle Pyffereon, Southeast MnSBDC Regional Director, Michelle.Pyffereon@roch.edu, 507-285-7536.
   
• Minnesota Investment Fund provides grants to local units of government that provide loans to assist businesses for building renovation, remodeling, equipment, and necessary working capital. Qualified businesses include traditional manufacturing, retail and service establishments and qualified non-profit entities. Loan terms are flexible and can be subordinate to existing debt. Local units of government have developed specific criteria based on community rebuilding priorities and objectives.
   
• As of Feb. 28, 2008, more than $32,000,000 had been allotted in grants to Southeast Minnesota communities and more than $13,200,000 had been dispersed for approved applications in those communities.
   
• The Southern Minnesota Initiative Foundation distributed through their Business Recovery Fund $792,581 in grants to 116 businesses assisting them in reopening in the disaster area. Grants ranged from $1000 to $10,000.
   
  The Dept. of Employment and Economic Development and the Blandin Foundation each contributed $250,000 to this effort. The AgStar Fund for Rural America was honored by the Farm Credit Council for there generous participation in this effort.
  Applications are closed.