|
|
May 8, 2020
The Small Business Relief Fund will accept applications for a second round of direct grants up to $5,000 each. Iron Range Resources & Rehabilitation provided $100,000 for round two of the local economic relief program. More than 20 businesses could receive funding.
Eligible applicants include small businesses located within the Iron Range Resources & Rehabilitation service area that are facing significant financial challenges due to the COVID-19 pandemic. Businesses must have less than five FTEs and be ineligible for the federal Paycheck Protection Program (PPP).
Applications will open on Tuesday, May 12 at 8 a.m. and close at 8 p.m. the same day. The grant guidelines are live now for review and preparation here. Once live, the grant application will be available on the same webpage.
“Our agency is committed to helping our region’s small businesses navigate through the financial impacts of the public health crisis,” said Mark Phillips, Iron Range Resources & Rehabilitation commissioner. “In addition to this grant relief, data and feedback from small businesses is being gathered to best determine what resources should be offered to aid in the long-term economic recovery.”
The Small Business Relief Fund was launched in March by The Entrepreneur Fund, Northland Foundation and The Northspan Group in response to the public health crisis and its impact on businesses in northeastern Minnesota, central Minnesota and northwest Wisconsin. The first round closed in late April, and this week the grants were awarded to 19 businesses.
The second round of grants has a simplified application form to lessen burdens on business owners and is open to businesses within the specified service area in northeastern Minnesota. Businesses who applied to the first round but did not receive funding must reapply with the new application form. According to Elissa Hansen of Northspan, the relief fund is helping businesses that slipped through the cracks of existing programs and need more support.
As business needs are identified, the second round of grants could be paired with other resources such as:
- Consulting guidance to manage the pandemic’s effects.
- Financial resources that may include flexible working capital loans from the Entrepreneur Fund.
- Other available local, state and federal resources.
“COVID-19 has created extraordinary challenges to small businesses in northeastern Minnesota. Their operations have been disrupted on a financial level, on a supply and demand level and on a workforce level due to social distancing,” said Phillips. “In addition to the relief grant, we will continue helping businesses tap into the larger state and federal resources that can help in the recovery process.”
View Small Business Relief Fund grant information.
|
Many small business owners reported struggles as they navigated through first-round funding of the Paycheck Protection Program (PPP), a federal assistance initiative issued in response to the COVID-19 global health crisis. The second round of funding passed on April 22 added an additional $310 billion to replenish the small business relief program flooded by demand.
TechTank (Hibbing’s first co-working space that opened last year) and 24hr Bookkeeper (an outsourced accounting firm that provides cloud-based services) are helping small businesses navigate an unprecedented time in the nation’s history and economy. Both companies are owned by local entrepreneur Karine Woodman.
|
Paycheck Protection Program FREE worksheet: 24hr Bookkeeper created a simple worksheet to guide businesses as they manage and track expenses over the eight-week period related to the PPP funds received. The worksheet is free and can be downloaded here. According to Woodman, tracking expenses related to PPP funds is crucial to small business because it increases the likelihood of the PPP funds being forgivable, and because tracking expenses is important for tax filings related to this atypical year. Woodman successfully applied for PPP funds in the first round of funding. She went through her local bank, which was a requirement in the first round. Watch a short video here about her experience.
Financial services to aid in loan applications: 24hr Bookkeeper can help small businesses maintain current and accurate financial records with expenses, sales and cost of goods sold. Accurate financial documents are required to apply for and secure any loan, including an Economic Injury Disaster Loan (EIDL), as well as for requesting loan forgiveness of funds.
|
Conference room and equipment access to essential businesses: With Governor Walz’s executive orders 20-04 and 20-08, TechTank is closed except to support essential businesses. Beginning in March and continuing until further notice, TechTank is renting conference rooms and conference equipment to companies needing to complete MSHA and other essential training. TechTank provides sanitized space with videoconferencing and social distancing capability.
Internet connectivity: Passes are available for purchase to access 24/7 highspeed broadband service from the TechTank parking lot.
|
TechTank is a 3,500-square-foot co-working space that is shared by several workers from different organizations and companies. The arrangement enables cost savings for the member occupants through common infrastructure related to utilities, broadband and office equipment. TechTank was created out of Woodman's passion to help other local entrepreneurs grow. It was inspired by the success of her other business 24hr Bookkeeper (now TechTank's anchor tenant), which she founded in 2010 and grew into a globally-recognized firm with clients nationwide, predominately in the construction management industry.
Iron Range Resources & Rehabilitation supported TechTank with a Business Energy Retrofit (BER) grant in 2019. BER is funded by the agency and administered through a partnership with Arrowhead Economic Opportunity Agency (AEOA). For BER grant information email Whitney Ridlon or call her at 218-735-3004.
|
Northland Connection launched three new web-based tools that provide regional labor market, economic and demographic data and trends for northeastern Minnesota. The tools will not only benefit local businesses that may be expanding, but also new businesses through their relocation planning. Businesses, communities and individuals may utilize the tools on the website Northlandconnection.com to auto-generate up to 46 different demographic and economic reports.
One of the new tools is an extensive property database called Business IQ that includes public and private sites and buildings. The property database is linked to the websites of both Iron Range Resources & Rehabilitation and Minnesota Department of Employment & Economic Development (DEED). More than 40% of the commercial and industrial real estate properties in the database are in the Iron Range & Resources Rehabilitation service area.
|
“Searchable property databases with site and building data are used across the nation by site selectors working on behalf of businesses relocating to a new region,” said Karl Schuettler, Northspan research director. “A simple search can generate a directory of properties matching specified criteria and location preferences.”
The two other web-based tools are Workforce IQ which generates demographic and labor force data for the region, and Talent Pipeline which shows degrees awarded by higher education institutions in the region with up-to-date annual statistics.
|
These three new tools communicate the region’s competitive advantages such as employers and industry clusters, utility rates and billings, annual enrollment and graduation rates for 12 area community colleges and universities, labor market data, infrastructure information, and quality of life data.
“Economic development decisions are driven by data,” said Schuettler. “NorthlandConnection.com provides the data that supports business location and expansion decisions in northeastern Minnesota.”
For a demonstration of the new website and its capabilities email Karl Schuettler or call him at 218-481-3899.
Northland Connection is powered by the Northspan Group and supported by an economic development coalition of more than 15 partners. Iron Range Resources & Rehabilitation supported Northland Connection with a Development Partnership grant. Email Whitney Ridlon or call her at 218-735-3004 for more grant information.
Aerial views pictured above: Iron Range (left) and Laskin Energy Park (right).
|
Assistance for nonprofits during COVID-19
Nonprofits are being impacted by COVID-19 in many ways including cancellation of programs or events, staffing stresses, increased demand for services from clients and communities, and budgetary constraints. There are more than 180 nonprofits in northeastern Minnesota that can benefit from resources and virtual trainings being offered by Minnesota Council of Nonprofits (MNCN).
MNCN is a member organization but is offering free virtual networking events to all Greater Minnesota member and non-member nonprofits. Each free session includes a professional presentation and time to connect with peers. Register here.
|
MNCN also has online resources for nonprofits that are continuously updated:
“Nonprofits impact and support our communities in many ways. They can drive economic growth and quality of life,” said Mark Phillips, Iron Range Resources & Rehabilitation commissioner. “Many of our agency’s grant programs are open to nonprofits. Throughout the years, those organizations and their projects have had a very positive impact on our neighborhoods, outdoor recreation, schools, families, businesses and health care systems.”
Subscribe to the free MNCN newsletter.
For more information email Kelly LaCore, MNCN northeast regional coordinator.
|
Barber Graphics of Virginia, Minn. launched an #IronRangeStrong t-shirt fundraiser to benefit small businesses that are struggling during COVID-19 and the Stay Home order.
T-shirts are $20 each (S-XL), and $10 per shirt will be donated to an Iron Range small business of the purchaser’s choice. The small business must be a brick and mortar store (no home-based businesses) located on the Iron Range. Orders may be placed online or on Facebook and will be delivered through the United States Postal Service. Free curbside pickup with pre-arranged appointments is also available, as Barber Graphics is currently closed to the public. Barber Graphics will fulfill the shirt orders each week and submit checks to the small business recipients.
|
|
|
|
|
|
The Ranger is a publication of Iron Range Resources & Rehabilitation. Our mission is to invest resources to foster vibrant growth and economic prosperity in northeastern Minnesota.
|
|
|
|
