ECONOMIC IMPACT RESOURCE MEETING THURSDAY, APRIL 16 TH ItascaDV.org - - PowerPoint PPT Presentation

ECONOMIC IMPACT RESOURCE MEETING THURSDAY, APRIL 16TH

ItascaDV.org

ItascaDV.org

TODAY’S AGENDA 4.16.2020

• Important SBA Program

Updates

• Emergency Business Retention

Program

• Entrepreneur Engagement

Program

• Business Impact Surveys
• Itasca Strong
• Itasca Small Business Relief

Fund Loans

• Legislative Update
• Getting Back to Business Best

Practices

• City of Grand Rapids Emergency

Working Capital Loan Program

• Coronavirus Aid, Relief, and

Economic Security Act “CARES Act”

• State of Minnesota Small

Business Emergency Loans

• Child Care Grant Program
• Community Updates

ItascaDV.org

SBA UPDATES

• Lapse in Appropriations Notice: SBA is unable

to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

• EIDL applicants who have already submitted

their applications will continue to be processed

• n a first-come, first-served basis.

ItascaDV.org

EMERGENCY BUSINESS RETENTION AND EXPANSION

• The emergency BRE program will be launched to begin preparation for

recovery planning and programming due to the economic impact of COVID-

• 19. This is an additional resource being offered to businesses within Itasca

County.

• Perform virtual Business Retention and Expansion Meetings for targeted

businesses in the month of April – May.

• Focus on 9 target question groups:
• Workforce
• Current Situation
• Recovery Planning
• This program will focus on identifying businesses for site-visits later in 2020.
• To be included in the BRE Emergency Planning Meetings please contact Kirstie

McPherson at Kirstie@Edeveco.com or Matt Shermoen at matt@apexgetsbusiness.com

ItascaDV.org

ENTREPRENEUR ENGAGEMENT PROGRAM

• The Entrepreneur Engagement Program will launch as a

virtual platform with a “steering” committee of entrepreneurs in Itasca County.

• This program aims to address these goals:
• Connect entrepreneurs within Itasca County
• Help grow and maintain the entrepreneur ecosystem
• Aid business growth
• Identify potential programming around entrepreneurship activities
• The program will begin virtually and expand to in-person

later in 2020.

• To be added to the entrepreneur list and stay in the loop –
• Kirstie McPherson Kirstie@Edeveco.com

ItascaDV.org

BUSINESS IMPACT SURVEY

• New “General” Survey
• New “Tourism &

Hospitality” Survey

• 102 Responses
• 460+ Lay offs

Round 2: Tuesday, April 21st

Round 1

Unemployment Updates for Itasca County 3,479 New Applicants since March 15 15.6% of the 2019 Labor Force

ItascaDV.org

ITASCA STRONG

ItascaDV.org

ITASCA SMALL BUSINESS RELIEF FUND (ISBRF)

Itasca County Economic Development Corp has spearheaded a fund to provide relief to small businesses to make it through the Covid-19 pandemic and preserve the small businesses that make up the vitality of our Itasca County communities.

• Targeting businesses in need – those that have access to
• ther funds will be considered but priority will be given to

businesses in critical need

• 39 Current Applications
• 3 Applications approved and sent to closing process
• 6 Applications up for approval today
• We continue to source new funding opportunities

ItascaDV.org

ISBRF LOAN TERMS

Loan Size:

• Up to $25,000

Terms:

• Initial 6 month deferral period for principal.
• 10 year amortization with a 5-year balloon.
• 0% Interest rate.

ItascaDV.org

ISBRF ELIGIBILITY

• Businesses in Itasca County (and Blandin Foundation

footprint communities – Hill City, Northome, Blackduck and Remer)

• Businesses effected by the COVID-19 virus (all

businesses not only those included in the executive

• rder)
• Be current on financial obligations as of March 1, 2020
• Be an existing small business
• Recommended to apply for SBA Disaster Fund and
• ther available funds

ItascaDV.org

LEGISLATIVE UPDATE: MINNESOTA

• Loren Solberg

ItascaDV.org

GETTING BACK TO BUSINESS: BEST PRACTICES

• Develop an Infectious Disease Preparedness

and Response Plan

• Prepare to Implement Basic Infection

Prevention Measures

• Develop Policies and Procedures for Prompt

Identification and Isolation of Sick People, if Appropriate

• Develop, Implement, and Communicate about

Workplace Flexibilities and Protections

https://www.osha.gov/Publications/OSHA3990.pdf

ItascaDV.org

IMPLEMENT WORKPLACE CONTROLS

• Engineering Controls
• Administrative Controls
• Safe Work Practices
• Personal Protective Equipment (PPE)

https://www.osha.gov/Publications/OSHA3990.pdf

ItascaDV.org

GRAND RAPIDS ECONOMIC DEVELOPMENT AUTHORITY (GREDA) EMERGENCY WORKING CAPITAL LOAN PROGRAM

Currently - 8 Loans have been approved

Eligible Applicants

• All businesses, located in the City limits of Grand Rapid that have

been impacted by the social and economic disturbance resulting from the COVID-19 Pandemic. Those business categories referenced in Governor Walz’s Executive Orders 20-04 and 20-08 may be given preference.

• All eligible applicants must be registered with the Minnesota

Secretary of State as a Minnesota based business as of December 1, 2019.

• All eligible applications must be current with their local property

taxes.

ItascaDV.org

GREDA EMERGENCY WORKING CAPITAL LOAN POLICY

Loan Conditions

• Maximum loan amount is $15,000.00
• Minimum loan amount is $1,000.00
• Interest rate will be zero percent
• Loans will be fully amortized over their 60 months

term, beginning with the first required payment.

• Loan repayments will be deferred for 6 months

following loan disbursement

• There will be no penalty for early repayment.

ItascaDV.org

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT “CARES ACT”

• 2020 Recovery Payment: All U.S. residents with

adjusted gross income up to $75,000 ($150,000 joint filers) are eligible for a $1,200 ($2,400) payment, as well as an additional $500 per child (under age 17).

• When can I expect my payment?
• These payments have been hitting bank accounts this
• week. Visit the IRS site to learn more.

Cash Payments

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

ItascaDV.org

CARES ACT

• Increased Unemployment Assistance: Provides an additional $600/week

payment to each recipient of unemployment insurance for up to four months. – The second round of these payments are hitting accounts this week!

• Provides an additional 13 weeks of unemployment benefits through Dec. 31, 2020,

for those who remain unemployed after state unemployment benefits are no longer available. The State of MN has put this program in place effective immediately.

For those who are self employed or run small businesses, what are the best options available for me to collect unemployment?

• Gig workers and freelancers
• This bill creates a new, temporary Pandemic Unemployment Assistance program
• Program is still being set up at the state level – look for funds later in April
• Please go on line and apply – steps to apply are on the IEDC Website

Unemployment Insurance

ItascaDV.org

ITASCA COUNTY SBA 7A LENDERS

Big Fork

• First State Bank of Big Fork –

www.fsbbigfork.com Cohasset

• Woodland Bank –

www.woodlandbank.com Coleraine

• 1st National Bank of Coleraine

www.colerainebank.com Deer River

• Northview Bank –

www.northviewbank.com

• Woodland Bank –

www.woodlandbank.com

• Affinity Plus Federal Credit Union -

www.affinityplus.org

• American Bank – www.ambnk.com
• Deerwood bank –

www.deerwoodbank.com

• Entrepreneur Fund –

www.entrepreneurfund.org

• Grand Rapids State Bank –

www.grsb.com

• Member Federal Credit Union –

www.membersccu.org

• Northview Bank –

www.northviewbank.com

• US Bank - www.usbank.com
• Wells Fargo - www.wellsfargo.com
• Woodland Bank –

www.wodlandbank.com

Grand Rapids

Check with your lender!

ItascaDV.org

CARES ACT: SMALL BUSINESS DEBT RELIEF PROGRAM

• This program will provide immediate relief to small

businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans.

• Under it, SBA will cover all loan payments on these SBA

loans, including principal, interest, and fees, for six months.

• This relief will also be available to new borrowers who

take out loans within six months of the President signing the bill into law.

• Each program has different eligibility requirements, see

https://www.sba.gov/funding-programs/loans for more details.

ItascaDV.org

ECONOMIC INJURY DISASTER LOANS & EMERGENCY ECONOMIC INJURY GRANTS

• These grants provide an emergency advance of up to

$10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).

• To access the advance, you first apply for an EIDL and then

request the advance.

• The advance does not need to be repaid under any

circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business

• bligations, including debts, rent and mortgage payments.

ItascaDV.org

ECONOMIC INJURY DISASTER LOANS & EMERGENCY ECONOMIC INJURY GRANTS

• On this loan it says “up to $10,000” how do I know

how much I will receive in the grant portion?

• Everything on the SBA released information states it is

$1,000 per employee up to $10,000

• Note – we have had mixed reviews on that actually

happening, but this is the best information available

• It says we can expect those funds in 3 days, is that

accurate?

• New releases from the federal government states that

the 3 days was a goal initially, but due to volume that it is not in affect currently, and they cannot provide an exact timeline of when those funds will be distributed.

ItascaDV.org

STATE OF MN SMALL BUSINESS EMERGENCY LOANS (SBEL)

LIMITED AVAILABILITY

• Range from $2,500 to $35,000 and will be based on the

firm’s economic injury and the financial need.

• Interest free.
• Paid back monthly over five (5) years and the first

payment will be deferred six (6) months

• Partial forgiveness may be available
• Provided to only Minnesota-based businesses.

For more details visit: https://mn.gov/deed/business/financing- business/deed-programs/peacetime/

ItascaDV.org

MN SBEL: ELIGIBILITY

• Businesses effected by Executive Orders 20-04 and 20-08
• Be current on financial obligations as of March 1, 2020
• Be an existing small business (whatever the form of their
• rganization)
• Have been operating in Minnesota long enough to

demonstrate financial viability

• Be willing to provide collateral or personal guarantee for at

least 20% of loan

• Pay-off the emergency loan if financing is received

subsequent to loan approval.

For more details visit: https://mn.gov/deed/business/financing- business/deed-programs/peacetime/

ItascaDV.org

CERTIFIED LENDERS: OUR REGION

Entrepreneur Fund www.entrepreneurfund.org Phone: (218) 623-5747 Email: info@entrepreneurfund.org 202 W. Superior Street, Suite 311, Duluth, MN 55802 Northland Foundation www.northlandfdn.org Phone: (218) 723-4040 202 West Superior Street, #610, Duluth, MN 55802 For more details visit: https://mn.gov/deed/business/financing- business/deed-programs/peacetime/

LIMITED AVAILABILITY LIMITED AVAILABILITY

ItascaDV.org

EMERGENCY CHILD CARE GRANT PROGRAMS

Child Care Aware

• If you have questions

about the grants or the application after reviewing the FAQs and the website, please email EmergencyGrants@childc areawaremn.org or call 651.290.9704 Northland Foundation

• If you have specific

questions about the application process, please contact Northland Foundation Grants Manager, Carol Chipman by email at carolc@northlandfdn.org

ItascaDV.org

COMMUNITY UPDATES

• City Council Meetings
• Remote meetings: Look to city/township websites for most updated information
• Keewatin: Call 218-778-6544 to participate and ask questions during meetings.
• Nashwauk: at 2pm on the day of the meeting, the Zoom Call information will be posted on the

city website.

• Bovey: Google Meets meeting, link to the video conference call can be found on IEDC/Bovey city

page.

• Bigfork: Zoom Calls going forward with information for the call posted on Facebook and City

website.

• Harris Township: Viewable through ICTV. Public Input requests for the April 22nd meeting must

be sent to the Clerk by April 17th. harristownshipclerk@gmail.com

• License Bureau
• Deer River License Bureau has reopened to the public. However they are limiting one customer

into the entryway at a time. The City hall offices remain closed to the public

• School Lunches 18 & Under:
• School lunches are available to any and all students regardless of need.
• The 318 school district is encouraging all families to take part in this meal program.
• WiFi for families with school age students:
• Paul Bunyon –Contact school for questions (Grand Rapids & Deer River)
• Arvig – Contact 218-743-3144 If you currently do not have internet access - free internet until

the end of the school year.

• Shop Local
• Facebook/Online, Call, Curbside, Local Meat/Grocery Stores

ItascaDV.org

Bir irthday Wis ishes for Kid ids:

Trout Lake Fir ire & G Grand Rapid ids PD & Fir ire Cole lerain ine PD

Questions, contact Sarah at: : sarah.carl rling@cedausa.com

ItascaDV.org

QUESTIONS?

Name Email Cell Phone

Tamara Lowney tlowney@itascadv.org 218-242-0572 Rob Sjostrand rsjostrand@itascadv.org 218-256-3273 Tony Ward atward@icloud.com 218-349-0658 Mike Korte mikek@entrepreneurfund.org 507-722-8247

ItascaDV.org

IE IEDC Mis issio ion

• To grow the Itasca County economy through education, research and outreach

that creates business opportunities.

IE IEDC Vis isio ion

• A diverse and growing economy that supports a high quality of life for all of

Itasca County.

IE IEDC Valu lues

Openness: We communicate with transparency and candor Tenacity: We have a passion for the region and are willing to make tough decisions Execution: We perform at a high level and aim for tangible outcomes Exploration: We are willing to lead on new opportunities and research