This EDA investment supports the mid-minnesota development commission (MMDC) with establishing a revolving loan fund (RLF) to lend to borrowers in the following geographic region: counties of…

Project Grant Awarded

Award ID
067906391
Recipient
Awarding agency
Obligated
$500,000

Award facts

Assistance listing
11.307 Economic Adjustment Assistance
Completion date
Not on record
Funding
  • $400,000.00 Federal
  • $100,000.00 Non-federal
Place of performance
Willmar, MN, USA

Award details come from USAspending.gov.

Description

As the agency reported it.

This EDA investment supports the mid-minnesota development commission (MMDC) with establishing a revolving loan fund (RLF) to lend to borrowers in the following geographic region: counties of kandiyohi, mcleod, meeker, and renville in minnesota. The covid-19 pandemic and a local coal-plant closure devastated businesses in region, leading to severe job losses and disinvestment. Additionally, workers displaced by the pandemic and coal-plant closure have increasingly turned to entrepreneurship. The RLF will provide the region's small businesses with a critical source of capital to help them recover from losses in the ongoing pandemic and be more resilient to future economic shocks, which will support economic resiliency, further the long-term economic adjustment objectives, create and retain jobs, and attract private investments.

Quick answers

Who received award 067906391?

067906391 was awarded to Mid-Minnesota Development Commission by Economic Development Administration (Department of Commerce) on March 22, 2022.

How much is award 067906391 worth?

$500,000 has been obligated on 067906391: $400,000 in federal funding and $100,000 in non-federal funding.

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