New grant fueling emerging businesses in Minnesota
MINNESOTA — Thanks to grants totaling $2.7 million, more services and technical assistance is available to emerging businesses and entrepreneurs in Minnesota. The grants, which are being administered by the Minnesota Department of Employment and Economic Development (DEED), will go to 11 nonprofits dedicated to accelerating new business in the state.
The Business and Community Development Competitive Grant Program, funding for which was approved during the 2015 legislative session, is used to support nonprofit organizations that provide business assistance to targeted groups, including women, minorities, rural residents, innovative startups, entrepreneurs and inventors.
“These nonprofit organizations help businesses start and survive during the early stages of the business development,” said DEED Commissioner Katie Clark Sieben. “About 2,000 small businesses and entrepreneurial ventures a year have received support from this grant program during its three-year history.”
The following groups were awarded funding:
African Development Center, Minneapolis, $96,000 – The group provides training, lending and technical assistance to help African immigrants and refugees achieve economic prosperity in Minnesota.
Entrepreneur Fund, Duluth, $404,000 – The group helps people in Northeast Minnesota start and grow successful, locally owned small businesses.
Metropolitan Consortium of Community Developers, Minneapolis, $246,000 – The consortium is an association of community development groups that focus on housing and economic development initiatives.
Metropolitan Economic Development Association, Minneapolis, $420,000 – The group provides assistance to businesses owned and managed by entrepreneurs of color.
Minnesota State University Small Business Development Center, Mankato, $246,000 – The center provides programs and services for small businesses and entrepreneurs in the Mankato area.
Neighborhood Development Center, St. Paul, $420,000 – The center offers small-business training and consultation in low-income neighborhoods.
Northside Economic Opportunity Network, Minneapolis, $84,000 – The goal of this group is to expand economic opportunities and build wealth for north Minneapolis residents through the creation, growth and development of small businesses.
Red Lake Band of the Chippewa Indians Entrepreneur Development Program, Red Lake, $100,000 – This group will assist individual entrepreneur to establish and grow new business in the Red Lake Nation.
Southwest State University Small Business Development Center, Marshall, $90,000 – The center provides programs and services for small businesses and entrepreneurs in the Marshall area.
WomenVenture, St. Paul, $240,000 – WomenVenture helps women entrepreneurs, low-income entrepreneurs and women-owned businesses to develop and expand businesses and create jobs.
Enterprise Minnesota, Minneapolis, $366,000 – Enterprise Minnesota provides consulting services to meet the needs of manufacturers.
Source: Minnesota DEED