Cultural Districts Interior Improvements-Forgivable Loan Pilot Program
The Northeast Minneapolis Chamber through a contract with the City of Minneapolis administers this new forgivable loan program for building owners and commercial tenants within the Central Avenue Cultural District.
Loan Information and Application
Businesses located in a designated Cultural District can apply for up to $10,000 per building. A property can apply if located in an eligible area and is up to date on all property taxes.
All forgivable loans must be matched. All loans must be matched on a 1: 0.25 basis. (e.g. $10,000 in City loan dollars requires $2,500 in private investment) Matching dollars can come from many sources. Examples include private equity, NRP funds, and loans.
This is a reimbursement program. You must complete and pay for the total project cost or total private match, prior to receiving a reimbursement check from the program administrator.
Debt forgiveness occurs at the end of the first year if the business remains open, in place, and in good regulatory and legal standing with the City. The applicant will be asked to provide verification to the City that they meet requirements for forgiveness after the anniversary of the note. If the business or property owner sells the business/property without the consent of the City, the loan would be due on sale.
Click the links below for more information about the forgivable loan application process and supporting documentation needed for project funding.
Cultural Districts Interior Improvement forgivable loans can pay for many interior projects.
The following are examples of eligible interior capital improvements:
- Mechanical systems
- Walls, ceilings, floors
- Other items that are viewed as necessary to facilitate interior improvements to the building
- Equipment, furniture, computers, etc. are NOT eligible.
The City of Minneapolis requires permits for most of the eligible improvements listed here. If you have any questions about permits, please visit Minneapolis Development Review, call 311 or 612-673-3000, or visit the Public Service Center at 250 South 4th Street, Room 300 (downtown Minneapolis).
Loan applications will be reviewed monthly. To ensure an equitable distribution of grants, decisions about forgivable loan awards will be based on the following criteria:
- Property is located in an eligible area
- Property taxes are current
- Application include eligible activities
- Adherence to Cultural Districts Interior Improvement Guidelines
Applications must be received by email by the third Friday of each month to be considered in that month's cycle. Applications are welcome at any time during the month. Some approvals may be expedited. Application materials should be sent to Christine Levens the program administrator email@example.com.