The Mid-Minnesota Development Commission has received a $957,000 CARES Act grant to benefit businesses in a four-county area. | Pixabay
The Mid-Minnesota Development Commission has received a $957,000 CARES Act grant to benefit businesses in a four-county area. | Pixabay
The Mid-Minnesota Development Commission has received CARES Act Funding that will be used to help Kandiyohi, McLeod, Meeker and Renville County businesses recover from the impact of the COVID-19 pandemic.
A total of $957,000 was awarded by the U.S. Economic Development Commission, the West Central Tribune reported. Loans will be distributed in a range between $7,000 to $150,000 with low fees and zero interest charged over the first two years. The first loan payment will be deferred up to six months. Loan payments will be paid back into the Revolving Loan Fund to be used for additional loan opportunities through the U.S. Economic Development Commission.
The Mid-Minnesota Development Commission had previously received a CARES Act supplemental grant in the amount of $400,000. It is designated for use to help businesses and local governments in the four-county area in supporting items such as developing local supply chains, seeking additional grants and applying for other relief programs.
To apply for the Revolving Loan Fund program, visit mmrdc.org.
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