Olmsted County State of Minnesota Small Business Relief Grant Program
Rochester Area Economic Development, Inc. (RAEDI) will oversee the Olmsted County State of Minnesota Small Business Relief Grant Program (OCMNSBR), approved by Olmsted County Board on January 19th, 2021. This program is funded by the State of Minnesota's County Relief Funding Program.
This program will make available grants up to $25,000 to small businesses and food/beverage-serving 501(c)(8) or 501(c)(19) non-profits owned and operated in Olmsted County or tribal land in the county that have been impacted by an executive order related to the COVID-19 pandemic and can demonstrate financial hardship as a result, specifically a 25% decrease in revenue or greater. Grants will be based on up to 50% of lost revenue from October 1st - December 31st, 2020, up to a maximum of $25,000, depending on eligibility.
A total of $2,711,174 is available for grant awards, with a priority given to under-served businesses (women-, military veteran-, and ethnic or racial minority-owned businesses), businesses closed by Governor Walz's Executive Order 20-99, and businesses that have not received aid from the Minnesota Department of Revenue or prior Olmsted County Small Business Relief Grant programs. Any business started before March 15th, 2020 is welcome to apply. Home-based businesses are not eligible for this program.
Awards will be disbursed and administered by RAEDI, a 501(c)(6) non-profit organization. Grant funds received by individual businesses shall be used to cover business expenses since October 1st, 2020, including but not limited to payroll expenses, rent, mortgage payments, utility bills, and other expenses in the regular course of business. These funds cannot be used to pay for expenses that are being funded by other COVID-19 related programs. These are grants and no repayment will be required; they are not loans.
Applications for the Small Business Relief Grant Program open on Friday, January 22nd at 12 noon, and will be accepted until 11:59 p.m. on Sunday, January 31st, 2021. Awards will be processed over the following weeks, with awardees to be notified by February 15th, and checks to be mailed by February 22nd.
To qualify, an applicant must:
- Be a for-profit business OR food/beverage-serving 501(c)(8) or 501(c)(19) non-profit that has a physical location in Olmsted County or tribal land in the county.
- Be in operation with all required filings with the Minnesota Secretary of State before March 15th, 2020.
- Be majority-owned by a permanent resident of Minnesota.
- Have been impacted by Minnesota Governor's Executive Orders issued in response to the coronavirus pandemic.
- Be in good standing with the Minnesota Secretary of State with no outstanding liens at the time of application.
- Be in compliance with all State of Minnesota Executive Orders at the time of application.
- Be current on property taxes (if applicable) for 2019 and all years prior, as of May 15, 2020.
- Employ fewer than fifty (50) full-time equivalent (FTE) employees.
- Businesses owned by tribal governments that have voluntarily complied with Executive Order No. 20-99 are eligible.
- Be able to demonstrate financial hardship as a result of the COVID-19 outbreak, specifically a 25% decrease in revenue or greater, AND a $1,800 decrease in revenue or greater. NOTE: If a business cannot demonstrate a 25% decrease in revenue or greater for this period but is otherwise eligible, it can provide revenue and expenses for all of 2019 and 2020 for consideration.
- Businesses closed* by Governor Walz's Executive Order (20-99) on November 18, 2020, including but not limited to restaurants, bars, fitness centers, and events and entertainment venues; *Closed is defined as "closed to ingress, egress, use, and occupancy by members of the public."
- Businesses that are majority-owned by military veterans, women, and ethnic or racial minorities;
- Businesses that have not received aid from prior Olmsted County Small Business Relief Grant programs;
- Businesses that have not received aid from the Minnesota Department of Revenue; and/or,
- Owners of multiple businesses who have not received aid from prior Olmsted County Small Business Relief Grant programs.
- Please submit only one application per business. An eligible business may receive at most one grant under this program, regardless of other related business locations and their locations in Minnesota.
- A business owner may receive grants for multiple businesses for which they have an ownership share of 20% or more. Each business must submit a separate application to be eligible, and will follow the priority considerations listed above, in the order they were received.
To complete your application, you will need:
- Accounting software output or spreadsheets showing total monthly revenue AND expenses from October 1st - December 31st, 2019 if business was operating during that period OR any available monthly revenue and expenses between October 1st, 2019 - March 31st, 2020, if the business was started after October 1st, 2019. If you do not have your own, you can download this spreadsheet template to use - handwritten financials will not be accepted;
- Schedule C or equivalent form from your 2019 business tax returns, if your business was operating in 2019;
- Accounting software output or spreadsheets for October 1st - December 31st, 2020 showing total monthly revenue AND expenses. If you do not have your own, you can download this spreadsheet template to use - handwritten financials will not be accepted;
- Completed W-9, which you can download here;
- If a business does not meet the 25% decrease in revenue requirement, you can upload accounting software output or spreadsheets showing total monthly revenue and expenses for 2019 and 2020. If you do not have your own, you can download this spreadsheet template to use - handwritten financials will not be accepted.
You will also need proof of Minnesota residency of a majority owner of the company. You can submit ONE of the following:
- Copy of Minnesota income tax return,
- Copy of MN driver’s license or state ID,
- Copy of current residential lease agreement or recent mortgage statement (on or after March 1st, 2020),
- Copy of recent residential utility bill in owner's name (on or after March 1st, 2020), OR
- Copy of DD 214 from DOD
IMPORTANT NOTE: Only PDF, DOC, DOCX, PNG, JPG, JPEG, or GIF file formats are supported.
IMPORTANT NOTE: All documentation MUST include company name in the name of the file, e.g. SamsBakery-ScheduleC.pdf
Additional Ineligible Businesses:
- A home-based business.
- A non-profit business other than a food/beverage-serving 501(c)(8) or 501(c)(19).
- A business deriving income from passive investments without operational ties to operating businesses.
- A business primarily focusing on speculative activities based on fluctuations in price rather than the normal course of trade.
- A business earning more than half of its annual net revenue from lending.
- A business engaging in pyramid sales, where a participant's primary incentive is based on the sales of an ever-increasing number of participants.
- A business engaging in activities prohibited by federal law or applicable law in the local jurisdiction of the business.
- A business engaging in gambling enterprises, unless the business earns less than 50% of its annual net revenue from lottery sales.
- A business late in payment to any creditors by 60 days or more as of March 1st, 2020.
- A business permanently closed at the time this application is submitted.
- A business wholly owned by Olmsted County employees.
- A business owned in-whole or in-part by RAEDI employees.
If you have all the necessary documentation, this application should take less than 30 minutes to complete.
Applications for this program closed on January 31, 2021 at 11:59 PM.