Agenda - Economic Development Authority - 07/16/2020

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fijfMINNousPark ESOTA F�Per+ence LIFE in -Hie dark St. Louis Park Economic Development Authority Small Business Emergency Assistance Program PURPOSE Small businesses are integral and vital to the economic, social, and religious fabric of the St. Louis Park community. Accordingly, the St. Louis Park Economic Development Authority (EDA) has determined to offer locally owned and operated businesses within the community a grant opportunity to address working capital needs upon the declaration of a state of emergency by the State of Minnesota (State) and the City of St. Louis Park (City). The purpose of this program is to ensure the viability of the community's small businesses faced with the current COVID-19 health emergency which is adversely impacting the City's economy. The goal of this program is to provide needed financing for local businesses to help them sustain operations and endure economic hardships during this challenging time. The EDA encourages all eligible St. Louis Park small businesses, especially those owned or managed by women, Persons of Color or Indigenous as well as veteran -owned businesses to apply for assistance under the program. Grant funds are available on a first -come, first -served basis. The program is subject to funding availability from the EDA. The EDA retains the authority and discretion to approve or deny an application, and reserves the right to subsequently add further priorities, change eligibility criteria, or discontinue the program in response to changing circumstances. ELIGIBILITY To be eligible to receive Small Business Emergency Assistance funds, a business must demonstrate that its operations have been directly and adversely affected by the COVID-19 Health Pandemic and/or that it operates in a category named in Executive Orders 20-04 and 20- 08. All applicants must meet the following criteria: 1. Eligible business types include locally owned and operated businesses noted in Executive Orders 20-04 and 20-08, such as listed below. • Restaurants, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on -premises consumption. • Taverns, brew pubs, microbreweries, distilleries, wineries, tasting rooms, and other places of public accommodation offering alcoholic beverages for on - premises consumption. • Gymnasiums, fitness centers, indoor sports facilities, indoor exercise facilities, exercise studios, businesses offering massage therapy or similar body work, spas, salons, nail salons, cosmetology salons, and barber shops. This includes, but is not St. Louis Park Community Development Department • 5005 Minnetonka Blvd., St. Louis Park, MN 55416 www.stlouispark.org • Phone: (952) 924-2575 • Fax: (952) 928-2662 • TTY: (952) 924-2518