Sunday, 20 September, 2020

420 N. Pokegama Ave

Grand Rapids, MN 55744

City Hall: 218-326-7600



For more information on the loan process - please visit the GREDA website 


Press Release
Contact: Rob Mattei, Executive Director
Phone: (218) 326-7622 FOR IMMEDIATE RELEASE
August 20, 2020
GREDA Announces a Second Round of Emergency Working Capital Loans with Matching Grants
Since launching its Emergency Working Capital Loan (EWCL) program on March 31, the Grand Rapids Economic Development Authority (GREDA) has provided emergency financing to 36 Grand Rapids businesses impacted by the COVID-19 public health emergency.
Although the original allocation has been exhausted, the GREDA is now pleased to announce that it has recapitalized their EWCL program with a $200,000 grant from the MN IRRR Taconite Area Relief Program and an additional $150,000 investment from the Blandin Foundation.  Paired with the second round of EWCL funding is the new GREDA Coronavirus Relief Fund Small Business Grant (CRFSBG) program.  The CRFSBG program is funded with $411,000, allocated by the City Council through an allotment of CARES Act Funding from the State of Minnesota.
The second round of the EWCL program offers an increased maximum loan amount, now providing interest free working capital loans of up to $30,000 per business.  Under the new and expanded EWCL, loan payments are deferred for the first six months after loan disbursement and will be amortized over a five-year term, beginning with the first payment.
Those businesses approved for an EWCL program loan, will also qualify for a matching CRFSBG program grant equal to an amount of up to 75% of the EWCL loan amount. Only businesses that are approved for a loan will qualify for a grant.
A new feature for both the loan and grant programs is that non-profit corporations will now be eligible to receive assistance provided those non-profits are functioning as a “social enterprise”. Both for-profit small businesses and non-profit applicants will need to show that they have been negatively impacted by the COVID-19 public emergency. 
“We recognize the prolonged, negative, impact the pandemic has caused many of our small businesses and non-profits and hope that GREDA’s new  programs will provide some relief needed to sustain them in these challenging times so that they can continue to provide valuable goods and services to our community when we finally emerge from this crisis.,” stated Sholom Blake, GREDA President. “We would especially like to thank IRRR, the Blandin Foundation, the City of Grand Rapids and the State of Minnesota for their timely support of our local businesses” Blake said.
“GREDA prides itself on providing quick personal service to our small businesses. We have designed these programs to be less onerous because we understand that our businesses are focused on their survival,” said Rob Mattei, Director of Community Development and GREDA Executive Director.  “A simple single application for the EWCL program loan is all that is required for these programs. We encourage both past loan recipients and those newly interested check into these offerings.”
The Program is being marketed through social media (City of Grand Rapids Facebook page), the internet (www.grandrapidseda.com) and by direct mailing sent out this week to all commercial property owners in the City.  Landlords that receive this notification, are asked to please pass on this information to their tenants.  
To review the policies for these programs and download an application form,  visit the Grand Rapids Economic Development Authority website at www.grandrapidseda.com and click under the Development News section for this story and a link to these documents. Please direct questions to Rob Mattei, Director of Community Development/GREDA Executive Director at (218) 326-7622 or by email at rmattei@ci.grand-rapids.mn.us.




GREDA Offering Emergency Working Capital for Businesses

The Grand Rapids Economic Development Authority (GREDA), through an investment by the Blandin Foundation, is allocating $500,000 for use in providing direct, emergency financing to businesses in the City of Grand Rapids experiencing financial hardship due to the social and economic disturbance resulting from the COVID-19 Pandemic. 


Grand Rapids EDA to Hold Meetings Telephonically

Due to the COVID-19 Pandemic Sholom Blake, GREDA President, has proclaimed a need for GREDA to hold their meetings telephonically, per Minnesota Statutes, section 13D.021. 

To view the proclamation click on this link: Proclamation