Southwest Initiative Foundation receives $1.84 million to support economic recovery in southwest Minnesota
A Minnesota economic redevelopment program distributed more than $40 million to a total of 14 nonprofit partners in a second round of funding. The Southwest Initiative Foundation received $1.84 million.
HUTCHINSON — A second round of Main Street Economic Revitalization awards was announced May 17 by the Department of Employment and Economic Development, and the Southwest Initiative Foundation received more than $1.84 million, according to a news release from DEED.
The Southwest Initiative Foundation is a rural, regional community foundation serving 18 counties and two Native Nations in Southwest Minnesota. Its project will expand on its existing funding to provide grants to businesses in the commercial corridors of Willmar, Marshall and Montevideo to support the economic recovery from the impacts of COVID-19.
The Main Street Economic Revitalization economic redevelopment program distributed $80 million statewide in two rounds of funding, awarding grants to partner organizations to establish programs within specific communities that will, in turn, fund economic development and redevelopment projects.
The second round of grants awarded more than $40 million to a total of 14 nonprofit partner organizations across Minnesota to fund 30% matching grants up to $750,000, and guaranteed loans up to $2 million to eligible recipients for eligible projects.