Great Streets - Neighborhood Business District Program

Grants & Loans Geographic Eligibility Case Studies Policies Other Resources Upcoming Grant Schedules

Seward Co-op’s Expansion and New Store Makes Franklin Avenue a Great Street!

Whether already vibrant, or in need of additional investment, our neighborhood business districts are our Great Streets - essential elements of a great city. In 2007, the Minneapolis City Council approved the Great Streets Neighborhood Business District program, a coordinated effort to help businesses develop and succeed along commercial corridors and at commercial nodes throughout the city.

City resources are available for business loans, real estate development gap financing, and business district assistance such as façade improvement programs, market studies, and retail recruitment efforts.

Grants & Loans

Business loan programs

Businesses, both small and large, are the backbone of our economy. The City recognizes this and wants to do everything possible to provide support. The City has a variety of programs to support existing, expanding, and new businesses.

• Two-Percent Program: supports small Minneapolis businesses with equipment and building improvements.
• Two-Percent Commercial Corridor/Node Loan Program: provides financing to small Minneapolis businesses in designated commercial corridors and commercial nodes.
• Alternative Financing Program (Citywide): is a profit-based financing tool where no interest is paid or collected.
• Capital Acquisition Loan (Citywide): supports small businesses and community organizations purchase and rehabilitate small commercial and industrial properties.
• Additional Business Assistance
• The Business Association Assistance Program provides assistance to business associations to strengthen local business organizations and help stabilize commercial areas so they contribute to the economic growth of their members and assist the City in attainment of its economic development objectives.
• Working Capital Guaranty Program helps small businesses secure working capital financing through private banking institutions.
  

Real Estate Development Gap Financing

The City has gap financing resources for real estate development and development acquisition for transformative commercial development projects located on designated commercial corridors, nodes, and LRT station areas.

• See the map of eligible areas to find out if your project is in an eligible area.
• Example of a Project Receiving Great Streets Gap Financing
• Standard application form for requesting gap financing assistance.

For more information, contact Kelly Hoffman at 612-673-5079.

Business District Support Grants

The City of Minneapolis is accepting proposals for Business District Support grants. Through a competitive Request for Proposals process, this program funds activities that support the vitality of business districts. Recognizing that no commercial areas are exactly the same, the program is designed to support a range of activities that strengthen and support neighborhood businesses districts throughout the city. Eligible areas are the commercial corridors, commercial nodes, LRT station areas, and activity centers indentified in The Minneapolis Plan. Examples of eligible activities include market studies, retail recruitment initiatives, technical assistance to businesses and marketing efforts. These contracts are outcomes-based. Contract payments will be made based on demonstration of successful completion of outcomes identified in the contract with the City. The maximum grant is $50,000 and the contract term is one year.

Proposals are due on Friday, February 26, 2010 at 4:00 p.m. An informational meeting was held at CPED on Thursday, January 28, 2010 at 9:00 a.m. Questions and answers from that meeting are now available.  

For more information, contact Kelly Hoffman at 612-673-5079.

Potential proposers have requested examples of proposals submitted in previous rounds. The following proposals are available:

Peace Foundation: FLOW (special event)
Catalyst Community Partners (retail recruitment/business development)
East Downtown Council (planning/strategy for economic development)
Seward Redesign (tenant recruitment, marketing)
WomenVenture (business technical assistance)

Façade Improvement Matching Grant Program

Some non-profit neighborhood groups, business associations, and community development corporations have contracts with the City of Minneapolis to provide Façade Improvement Matching Grants to businesses and property owners. Organizations currently offering matching grants are listed here and eligible areas are shown on this map.

For more information, contact Rebecca Parrell at 612-673-5018.

Geographic Eligibility

Eligibility for Great Streets funding is dependent on the definitions of commercial corridors and nodes in The Minneapolis Plan. The City prioritizes resources for areas with demonstrated need and makes investments in conjunction with funding from private sector, non-profit, foundation, and/or neighborhood partners.

Case Studies

When neighborhoods use multiple tools and tap a variety of resources, revitalization efforts are often successful. Each neighborhood is unique with its own set of opportunities and challenges and requires a customized approach. Read case studies about strategies employed in different areas of the city.

Online Reports: City Council Policies Related to Great Streets

Policies set by the City of Minneapolis guide the Great Streets programs.

• 2009 Business District Support Grants April 28, 2009
• City Council report on Great Streets April 17, 2007
• Presentation to the City Council April 17, 2007
• City Council report on Commercial Corridors November 7, 2006
• The Minneapolis Plan, Chapter 4 Marketplaces: Neighborhoods 2000

Other Resources

View a list of organizations offering financing and technical assistance.

Online information from the City of Minneapolis at www.ci.minneapolis.mn.us/cped
Updated February 4, 2010