The Structured Assistance Valuing Enterprises (SAVE) Grant Program is a new grant program offered through the Economic Development Authority of Maple Grove. These grants can provide up to $7,500 to businesses within the City of Maple Grove that have been negatively impacted by the COVID-19 pandemic to assist with eligible business-related expenses as the business requires additional assistance until the vaccination is more widely distributed and state mandated restrictions are lifted.
SAVE Grant Program offering details:
- Maximum amount:
- Businesses which received funding through the EDA's COVID RLF or ELF program are eligible for a grant of up to $5,000;
- Businesses which did not receive funds through the above mentioned programs are eligible for a grant of up to $7,500.
- Eligible uses of funds: payroll, accounts payable, lease/mortgage payments, utilities, inventory, personal protective equipment (PPE), and other business related expenses.
- Grant Selection Process: Applications will be accepted for a one-week period beginning on Monday, February 22nd. Following the closing the the application period, a lottery process will be used to selected eligible grantees.
Businesses who are eligible to apply for funds through the SAVE Grant Program must meet the following criteria:
- For-profit businesses which have been negatively impacted financially due to COVID-19;
- Have a physical non-residential location within the City;
- Employ no more than 75 FTE;
- Have a minimum employment of 1 employees, not including the business owner;
- Have a negative financial impact as a direct result of the pandemic. Proof of impact must be provided through year over year sales impact or projected revenue decrease.
To view the complete program criteria and policies, please view this link. The complete policies related to this program are required to be reviewed prior to submission of an application.
Applications for SAVE Grant funding are currently being accepted. Applications will be accepted via online submission only with the link below. Per the application requirements, the following attachments and documentation will be required to be submitted at the time of application:
- Most recent business tax return and/or balance sheet;
- Payroll reports detailing number of employees, wage scale and hours;
- Monthly itemized operating expenses (1-month averages);
- Proof of business address (mortgage statement, lease, or other document);
- Articles of incorporation.
Upon submission of an application, the application and attachments will be reviewed to ensure completeness and eligibility. If the application is deemed complete and eligible, the application will be added to the lottery pool. Submission of an application does not guarantee approval. Businesses which receive a grant award shall be required to enter into a grant agreement with the EDA prior to receiving any funding.
Applications for the SAVE Grant are now being accepted. Applications must be received by Monday, March 1st at 10:00 AM to be eligible for this round of funding.
For more information or questions, please contact Brett Angell, Economic Development Manager, at (763)494-6003 or firstname.lastname@example.org.