Reminder - Application for Business Grant Opens Sept. 1
The City of Coon Rapids recognizes the significant impact the COVID-19 pandemic has had on the City’s business community. To help our small businesses survive during this challenging time, the City has established the Coon Rapids Business Relief Grant Program. Grant amounts will be up to $15,000 for businesses with fewer than 20 employees and up to $30,000 for businesses with between 20 and 100 employees. The City has set aside an initial $1.6 million from its Federal CARES Act allocation to fund the program. Applications will be accepted via the City’s website between September 1 and September 18, 2020.
We will notify businesses when the application is available on the City website, by sending another email like this to those on the Coon Rapids Business & Economic Development email list, posting the details on the City's Facebook page, and the information will be published in the City's Coon Rapids Connection City newsletter, set to arrive in homes and businesses in early September.
Watch a video to learn more about this program here
Who is eligible?
In order to be eligible for a grant, businesses must be:
- Located in the City of Coon Rapids with a physical bricks-and-mortar location
- Owned by a permanent Minnesota resident
- In good standing with the Secretary of State and Minnesota Department of Revenue
- Current on property taxes
- Able to demonstrate financial hardship due to the pandemic
- Employers of 100 or fewer employees
Types of businesses that are not eligible for the program include:
How may I use the funds?
- Corporate chains, multi-state chains, although locally owned franchises are eligible.
- Businesses in default conditions
- Businesses that are no longer in operation
- Businesses that primarily derive income from gambling or adult entertainment
- Home-based businesses, although in-home childcare businesses are eligible
- Non-profit organizations
- Businesses that derive income from passive investments, real estate transactions, property rentals or property management; billboards, or lobbying.
Grant funds may be used for:
What is the application process?
- Lease or mortgage payments
- Payroll costs
- Reopening or safety costs incurred since March 1, 2020, such as outdoor seating, plexiglass installation, or purchase of cleaning products.
- Utility costs, although government-operated utilities, taxes, or fees, such as City water service or license fees are ineligible.
- Accounts payable for any of the eligible uses, although any expenditures reimbursed by other CARES Act-funded programs, such as the Paycheck Protection Program, are ineligible.
Applicants will need to complete an initial application via the City’s website between September 1 and 18, 2020
. Applicants meeting basic eligibility requirements will be notified and contacted by the Central Minnesota Development Company, the City’s partner for the program, and asked to upload supplemental information for review. Applicants that have been determined to meet all eligibility criteria will be asked to electronically sign a grant agreement with the City. Types of information that applicants will need to provide will include:
- A valid Minnesota Tax ID.
- Financial information demonstrating a hardship, such as year-to-date income statements from 2019 and 2020.
- Certificate of Good Standing from the Minnesota Secretary of State’s Office.
- Information verifying the number of employees, such as a 941 or other payroll statement.
- An itemized list of pandemic-related expenditures to be reimbursed by the grant.
The City will make final grant awards once the pool of eligible participants is determined and the total eligible costs are known. In the event the program is oversubscribed, the City may proportionately reduce grant awards in order to assist all eligible businesses that applied or the City may authorize additional funding for the pool. The City also reserves the right to deny any request if the applicant fails to provide adequate documentation within the program deadlines. Priority will be given to businesses that are majority-owned by women, military veterans, or racial or ethnic minorities.
Still have questions? Email the Economic Development Division.