“An economically strong and vibrant downtown business district is vital to the community,” said Steve Grabko of Community Fundraising Solutions (CFS) as he prepared for the August 23 informational meeting on the Cook County – Grand Marais Economic Development Authority (EDA) Housing – Commercial Rehab program.
Four business owners attended the informational meeting to learn about the grants and low-interest loans that will be made available to Grand Marais business owners wishing to reinvest in the physical assets of their business property. They joined about 10 other business owners who have expressed interest in the program. Grabko said he isn’t sure how many applicants there will be, as businesses have until Wednesday, September 7 to apply.
The funding is available through a collaboration of the Minnesota Department of Employment and Economic Development Small City Rehabilitation program, the City of Grand Marais Storefront Loan program, and the EDA Housing – Commercial Rehab program.
The program is available on a first come, first serve basis. Funds are limited— Grabko said the Grand Marais program has been granted funding for two units at $38,500 per unit. However, he added that if the projects selected do not use all of the available funding, it could be applied to other projects. “If we only use $10,000 or $12,000, we can ‘stretch’ that out. We’ve been able to do that with our housing rehab and we hope to be able to do that again,” he said.
Grabko encourages any interested business owners to apply now. Applications are available at Grand Marais City Hall. All applications are due by Wednesday, September 7, 2011.
CFS will continue to apply for grant funding as long as local business owners express the need for these funds for improvements to properties. “As long as the City of Grand Marais indicates they want us to do this, we will continue,” said Grabko.
In addition, he said there has been a tremendous response from outside of the city. “We have heard from businesses in Lutsen and on the Gunflint Trail, so we will hopefully be able to expand the commercial rehab program at some point,” said Grabko For more information on the EDA’s commercial rehab program, contact Steve Grabko of Community Fundraising Solutions at (218) 398-2473.
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