Effective immediately, Kandiyohi County businesses that have been in operation since January 1, 2020 and can show at least a 20% loss in revenue in the first part of the year can now apply. “The CPR planning team approved adjusting the required revenue loss down from 25% to 20%. Several businesses applied that were just under the 25% threshold. This additional funding means we can re-connect with those businesses, as well as continue to get the word out to all businesses and nonprofits,” said Connie Schmoll, EDC Business Development Manager.
The Kandiyohi County board has provided an additional $500,000 for small business and nonprofit relief from its CARES Act funding dollars. “The need is there and the timing couldn’t be better. We recently received more qualified applicants than funds could support. These additional funds allow us to support not only current applicants, but also continue outreach to more businesses and nonprofits,” said Aaron Backman, EDC Director.
The EDC’s CARES Pandemic Relief (CPR) Grant Program has provided nearly $2.4 million in relief to 156 businesses and 30 nonprofits in Kandiyohi County as of October 6, 2020. Awards continue to support businesses from all across Kandiyohi County with 9 cities and 13 townships represented among applicants. “We continue to see how important these funds are, with an average revenue loss of 61% among awarded businesses,” says Backman.
The EDC shared that 30 nonprofits have been awarded CPR dollars thus far and more applicants are expected from this sector as well. “A combination of cancelled events and increased community needs has put many nonprofits on the brink of closure,” said Kevin Dietrich with United Way of Central Minnesota. “This funding will help them continue to fulfill their missions.”
With several applications already under review and approaching deadlines of October 23 for nonprofits and October 29 for businesses, it is critical that applicants act now. “Again, funds are available on a first-come first-served basis. It’s imperative to get your application in now,” said Cheryl Glaeser with Achieve Consulting, who is assisting with outreach efforts.
Funding for the program comes from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. All told, the EDC anticipates allocating over $3 million to aid businesses and nonprofits with hardships during the COVID-19 pandemic.
Application forms and answer to common questions can be found here http://kandiyohi.com/business/bussiness-loans-programs/