If you’re thinking of starting a small business in Minnesota, it’s smart to be aware of the many grants available. Minnesota GrantWatch and the Minnesota Department of Employment and Economic Development (DEED) have a comprehensive list of the numerous different grants available, and there’s even a menu option to filer for small businesses. Below is a sample of available funding.
Minnesota Investment Fund
The Minnesota Investment Fund is a general fund that provides financing to help companies expand, foster high-quality jobs, and add and retain employees.
Minnesota Job Creation Fund
The Minnesota Job Creation Fund helps with “financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.” Awards for up to $1 million can be given to businesses for creating high-paying jobs, making property improvements and more. In some cases, awards of up to $2 million are doled out.
Innovation Voucher Program
The Innovation Voucher Program provides up to $25,000 in financing to help small businesses purchase technical assistance and services necessary for R&D or commercial promotion of new or innovative products and services. Businesses can receive vouchers toward approved public universities, colleges, technical schools and nonprofits in Minnesota.
National Arts and Humanities Youth Program Awards
The National Arts and Humanities Youth Program Awards are offered to U.S. nonprofits, government agencies, and schools and tribes that recognize outstanding programs benefiting under-served children and youth within the arts and humanities. Awards in the amount of $10,000 are available. Currently, the small business section holds 43 grant opportunities, and that number is ever changing.
Minnesota Department Of Admission’s Grants Management
Filled with opportunity for every corner of business, the Minnesota Department Of Admission’s Grants Management has grants for community and regional development, education, energy, environment, health, housing and so many more. Under their Employment and Economic Development department, they have business development grants, financial assistance and the Minnesota Investment Fund.
The City of Minneapolis Website
The City of Minneapolis Website offers excellent resources for getting your small business off the ground. Here you can receive assistance in finding the best grant for your company. Currently, the city is rife with opportunity for local artists and the businesses that work with them. New projects and grants are posted regularly, so check back often.
Happy grant hunting! Grant funding is a two-way street. By helping organizations in need, your business benefits as well. Grants provide a foray into your surrounding geographic and economic community. It can provide much needed exposure, and even in some cases relief for under-served communities.
This article was written by Christopher Millard for CBS Small Business Pulse