IRRRB approves $7 million in COVID-19 relief funds

The IRRRB approved $7 million in COVID-19 relief funds on Wednesday. The IRRRB approved $7 million in COVID-19 relief funds on Wednesday. |  Photo: IRRR

Updated: June 10, 2020 12:37 PM

Iron Range Resources & Rehabilitation made $7 million in loan and grant funding available to area businesses and communities that have been negatively impacted by the COVID-19 pandemic.

The agency’s board voted unanimously at its meeting on Wednesday to approve the two new programs as part of the FY21 budget.

1) Taconite Area Business Relief Loan Program:

Businesses located within the Iron Range Resources & Rehabilitation service area are eligible to apply for 2% interest loans of up to $40,000 to be used as working capital or any legal purposes. No repayment on the loans will be due for the first six months, followed by 60 payments of principal and interest. Eligible businesses must have been in operation for at least one year and operating on March 1, 2020. Applicants must intend to re-open if currently closed due to the pandemic. It is anticipated that this program could assist approximately 200 local businesses.

2) Taconite Area Community Relief Grant Program:

Cities, townships or tribal units of government located within the Iron Range Resources & Rehabilitation service area are eligible to apply for a grant that serves as a lending program to businesses within that community. EDAs, HRAs, joint powers boards and community nonprofits are eligible to apply as a community’s fiscal agent. Grant applications will be competitively evaluated, and awards to communities could range from $50,000 to $400,000. Applications will be accepted June 11 through July 6, 2020.


 

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