Pohlad Family Foundation Pledges up to $20 Million to Support Small Business, Improve Neighborhoods and Retain Important Nonprofit Services
Job funds and working capital support for small businesses
Small businesses will have access to grants to retain valued employees while planning and adjusting for their futures. Access to short-term, low-interest working capital and capital improvement loans also will be available to help continue business operations and finance improvements consistent with a company’s future growth plans. It will be administered by the Minnesota Chamber of Commerce Foundation and Grow Minnesota!, the Chamber’s business retention and economic development initiative. The Chamber, Pohlad Family Foundation and Grow Minnesota! will distribute $5 million – 60 percent for job retention/future growth planning, and 40 percent for loans. Eligible small businesses must be privately held, have fewer than 50 employees, generate annual sales of $10 million or less, and participate in Grow Minnesota! Grow Minnesota! operates in partnership with 43 local chambers of commerce and reaches businesses in more than 50 Minnesota communities. A committee of small business owners will assist the Chamber in approving grants and loans.
Housing support to improve neighborhoods
Nonprofit housing organizations will receive support to provide long-term, service-enriched housing to homeless families; purchase and rehab homes around the state; and increase homeownership in the two Twin Cities areas with the highest rate of foreclosures in the state: Minneapolis (55411) and St. Paul (55106).