Grow Minnesota!, the Minnesota Chamber's business retention and economic development program, operates in partnership with 43 local chambers of commerce, including the Rochester Area Chamber of Commerce, and reaches businesses in over 50 Minnesota communities. The Minnesota Chamber and these partners will be your first stop for receiving assistance through the Pohlad Family Foundation Ready to Grow initiative.
Grant and loan applications recommended by the local partners and the Minnesota Chamber's Grow Minnesota! staff will be reviewed and approved by a committee made up of small business owners and representatives of the Pohlad Family Foundation.
Eligible small businesses must be privately held, have fewer than 50 employees, generate annual sales of $10 million or less. Loan applicants must have been turned down for a loan by a banking institution.
Funds will be distributed in four categories:
- Grants to retain valued employees while planning and making adjustments for future success, up to $50,000 for each retained job, up to four positions per business; or,
- Grants up to $10,000 for a consultant to assist with business planning; or,
- Short-term, low-interest (3%) working capital loans up to $50,000 to continue business operations or,
- Short-term, low-interest (3%) capital improvement loans up to $50,000 to finance improvements consistent with the company's strategic plan.
For more information, or to apply, click here.