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Greg Hunt at 952-924-2197 or ghunt@stlouispark.org or <br />Julie Grove at 952-924-2523 or Drove@stlouispark.org <br />FUNDING PROCESS <br />If application is approved and funds are available, businesses will be notified within 10 business <br />days and provided with an electronic grant agreement for signature. <br />Funds shall be distributed within one to two weeks after a grant agreement has been executed <br />by all required parties depending on how grant recipients elect to receive funds. <br />Small businesses receiving funds must commit to using the funds for eligible program expenses <br />and must agree to document and report specific uses of the funds. Accordingly, all grant <br />recipients are required to submit a brief report to the St. Louis Park EDA within two months <br />after receipt of funds, specifying how the entirety of the funds were utilized and providing <br />evidence in the form of paid invoices, statements, or similar documentation (see sample report <br />form attached). <br />FOLLOW-UP and ADDITIONAL RESOURCES: <br />For businesses needing additional resources such as technical assistance, larger working capital <br />loans, or other, staff will provide ongoing assistance to businesses of all sizes and types, working <br />with partners and other levels of government to access resources as available, such as SBA and <br />State of Minnesota DEED loans. <br />Staff will conduct a check -in with grant recipients within one year of the distribution of funds to <br />learn the effect of the grant and business outcomes such as economic impact of the grant program, <br />(including, but not limited to, employees retained or rehired, and sales) and whether they match <br />the program's desired outcomes of business and/or job retention. <br />6 <br />