economic impact resource meeting wednesday, may … · 2020. 5. 13. · itascadv.org updates...
TRANSCRIPT
ECONOMIC IMPACT RESOURCE MEETINGWEDNESDAY, MAY 13TH, 2020
ItascaDV.org
ItascaDV.org
TODAY’S AGENDA 5.13.2020
Welcome – Tamara Lowney
• Updates
• County – State - Federal
• Mental Health Comments, Questions and Concerns
• Dr. Alex Meyer, Compass North Psychological
• Katie Sertich, Yoga Trainer
• Sales & Social Media
• Itasca Strong
• Legislative Update
• Itasca Small Business Relief Fund Loan Program
• City of Grand Rapids Emergency Working Capital Loan Program
• State of Minnesota Small Business Emergency Loans
• Community Updates
UPCOMING MEETINGS:WEDNESDAY, MAY 20TH
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ITASCA COUNTY TAX MEMO
• This memorandum is meant to address the abatement of late payment penalties on the first half property taxes due
5/15/20 for those who have been affected by the Coronavirus, and to answer some of the common questions regarding
the abatement process. If a business has been shuttered by the Governor’s order, or if the
owner(s) can show a decrease in business due to the COVID-19, Itasca County will
assess their situation and work with them to develop a payment plan and offer an
abatement of the late payment penalty on these taxes. If they would like to seek an
abatement, please have them contact myself or one of my deputy Treasurer’s at
the Itasca County website or call 218-237-2860 for an abatement application. The
application form is very simple and takes minutes to fill out. Once we receive the application, we will respond via email or
by phone in an expeditious manner to let them know if they qualify for the aid and to work out the remainder of their
payment plan. The Itasca County Board of Commissioners, and myself, understand how difficult these past few months
have been on businesses, families, and our community. We hope this process will provide a small token of relief to those
affected by the virus. We wish everyone the best of health and prosperity throughout the remainder of this crisis and
beyond.
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UPDATES - MINNESOTA
• Governor Walz speaks at 6:00 PM tonight and is expected to extend “Peacetime Emergency” orders that expire today, Wednesday, March 31st
• Governor Tim Walz signed Executive Order 20-52, allowing students in critical care sectors to attend classes for needed in-person training or testing in order to graduate on May 11th.
• Potential bonding bill potentially postponed until a June Special Meeting
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UPDATES FEDERAL
• Express Loan Changes – SBA Express loans have temporarily been increased to a
maximum of $1M through 12/31/2020. Upfront fees for veterans in this program
are permanently waived. SBA Notice 5000-20025
• Hello Alice has a $10,000 emergency COVID-19 Business for All Grant to help
small businesses in crisis.
• LISC Small Business Relief Grants will support small businesses and enterprises
affected the Covid-19 across the country, especially those in underserved
communities, including entrepreneurs of color, women- and veteran-owned
businesses.
• Beauty Changes Lives is offering $1,000 grants will provide financial assistance to
beauty professionals or students of beauty programs who are impacted by COVID-
19.
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COMPASS NORTH PSYCHOLOGICAL SERVICES
At Compass North Psychological
Services we always strive to meet the best
interest of those we are working with. We
believe in teaming up with clients and
community in order to reach personalized
treatment goals.
Alex Meyer, Therapist &
Cheif Executive Officer
MSW, MS, LICSW, LADC
218-999-0051
www.compassnorthpsychological.com
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CENTER STUDIO
• Katie Sertich, Yoga Instructor
• 218-259-8955
http://center-mn.com/
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USING SOCIAL MEDIA FOR CURBSIDE PICKUP IN RETAIL
• Step-By-Step Process Guide for a Facebook Live available on website!
• Video with Step-By-Step Process Guide for a Facebook Live available at the following link:
https://youtu.be/4NTTfInBEQ8
Benefits of Curbside pickup in Retail:• Safe alternative to in-store shopping with
growing health concerns.• Keeps employees safe• Keeps customers safe• Keeps employees healthy• Keeps revenue coming• Allows you to minimize existing
inventory• Provides you with time to prep for new
inventory• Allows for social interactions at safe
distances
Kayla Swanson – Marketing [email protected]
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ITASCA STRONG
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LEGISLATIVE UPDATE
• Loren Solberg
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ITASCA SMALL BUSINESS RELIEF FUNDS
• Due the limited amount of resources available
in our fund, effective immediately, we will
PAUSE the portal and accept only applicants for
a waiting list moving forward. We will continue
to process applications currently in the system.
• We are currently pursuing other funding for the
program and are hopeful to reopen for new
applications.
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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.
• 50 Current Total Applications
• 28 Applications approved and sent to closing process
• $550,000+ approved funds for small businesses
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GRAND RAPIDS ECONOMIC DEVELOPMENT AUTHORITY (GREDA)
EMERGENCY WORKING CAPITAL LOAN PROGRAM
• 28 Applications approved
• $400,000+ approved funds for small businesses
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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.
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SBA UPDATES
• Funding Notice from SBA Website:
• The SBA will resume accepting Paycheck Protection Program
applications from participating lenders on Monday, April 27,
2020 at 10:30am EDT.
• With the additional funding provided by the new COVID-19
relief package, SBA will resume processing EIDL Loan and
Advance applications that are already in the queue on a first
come, first-served basis.
• We will provide further information on the availability of the
EIDL portal to receive new applications (including those
from agricultural enterprises) as soon as possible.
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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.woodland.bank
• 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.woodland.bank
Grand Rapids
Check with your lender!
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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.
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STATE OF MNSMALL 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/
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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 organization)
• 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/
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CERTIFIED LENDERS: OUR REGION
Entrepreneur Fundwww.entrepreneurfund.orgPhone: (218) 623-5747Email: [email protected] W. Superior Street, Suite 311, Duluth, MN 55802 Northland Foundation
www.northlandfdn.orgPhone: (218) 723-4040202 West Superior Street, #610, Duluth, MN 55802
For more details visit: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
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QUESTIONS?
Name Email Cell Phone
Tamara Lowney [email protected] 218-242-0572
Rob Sjostrand [email protected] 218-256-3273
Tony Ward [email protected] 218-349-0658
Mike Korte [email protected] 507-722-8247
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IEDC Mission• To grow the Itasca County economy through education, research and outreach
that creates business opportunities.
IEDC Vision• A diverse and growing economy that supports a high quality of life for all of
Itasca County.
IEDC ValuesOpenness: 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