The St. Paul Port Authority is offering economic development grants of $50,000 to $150,000 to support businesses within about a mile radius of the Minnesota State Capitol complex.
Backed by an $870,000 allocation from the state, the Port Authority launched the Capitol Outreach for Revitalization and Expansion grant program in early January, with the goal of supporting reinvestment and economic growth around the Capitol building.
Eligible businesses
Eligible businesses are those that are situated between Marion Street and Jackson Street, and between Pennsylvania Avenue and the Minnesota History Center on West Kellogg Boulevard.
Grants are available for new, existing or relocating for-profit businesses in the Capitol area, and can be used for future capital improvement projects that strengthen the local economic and community. That includes facade improvements, energy upgrades, new equipment, accessibility improvements and safety upgrades.
Applications
Applications require at least two vendor bids for proposed work or purchases, a detailed budget showing all funding sources and uses, proof of insurance, and three years of financial statements or tax returns. New businesses must submit a pro forma with three-year cash flow projections.
Funding will be awarded through two competitive application rounds, with the first round application due March 31. Applicants not selected in the first round may reapply in the second round, which closes Aug. 31.
How to learn more
A virtual information session where businesses can learn more about the program and ask questions will be held at 9 a.m. on Feb 5.
Applications will be reviewed and awarded by the Port Authority through a point-based, competitive process, and priority will be given to projects that support job creation, tax base expansion and overall economic and community vitality.
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Mobile businesses, home-based businesses, nonprofits, schools and government entities are not eligible to apply.
For more information, visit sppa.com/portfinancing/coregrant.
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