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Loans Available for Flood-Damaged Businesses ~DEED makes $10 million available in southern Minnesota~


Tue, Nov 9th, 2010
Posted in Business Announcements

ST. PAUL - Businesses that sustained damages in floods that struck southern Minnesota in September may be eligible for $10 million in loans from the Minnesota Investment Fund (MIF) offered by the Minnesota Department of Employment and Economic Development (DEED).

The emergency funding was approved during a legislative special session that was called by Gov. Tim Pawlenty on Oct. 18 to pass a flood relief package for the region. The Legislature approved more than $73 million in disaster relief for homes, businesses, nonprofits, historical buildings and infrastructure that were damaged or destroyed in flooding that struck the region on Sept. 22 and 23. The 29-county region was declared a federal disaster area on Oct. 13.

"The Minnesota Investment Fund loans are an important piece of the funding package that is helping with the recovery in southern Minnesota," said DEED Commissioner Dan McElroy. "Our goal is to help flood-stricken businesses get up and running as soon as possible."

Under the program, MIF flood recovery funds will be awarded to local units of government, which will then loan the assistance to businesses that were directly and adversely affected by the flood. The program is geared to fund capital expenses, re-establish operations, and ultimately retain and create jobs for businesses that were damaged in the floods and not adequately covered by insurance. Local units of government will develop their own loan criteria and guidelines.

The funding will be available in the following counties: Blue Earth, Brown, Carver, Cottonwood, Dodge, Faribault, Freeborn, Goodhue, Jackson, Le Sueur, Lincoln, Lyon, Martin, Mower, Murray, Nicollet, Nobles, Olmsted, Pipestone, Redwood, Rice, Rock, Sibley, Steele, Wabasha, Waseca, Watonwan, Winona and Yellow Medicine.

Materials and applications for the funding are available on the DEED website at http://tinyurl.com/floodfunding.

DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.

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