To provide a modest safety net for businesses that show a loss in sales due to the construction of the Central Corridor Light Rail Transit Line. The forgivable loan may be used for basic business expenses, including payroll, inventory, rent/mortgage, utilities, taxes, marketing, and insurance.
For-profit small businesses with no more than $2 million in annual gross sales that:
Forgivable loan amount:
Up to $20,000. Loan amounts will depend on demand and demonstrated loss of revenue.
Structure and terms:
Distributions will be structured as 0% loans that will be forgiven at the rate of 20% for each year the business stays on the Central Corridor Light Rail Line (Loan is 100% forgiven after five years). Loans will be five-year repayable obligations for the business owner if forgiveness terms are not met. The loan balance will be payable upon the sale of the business or its relocation from Central Corridor.
When to apply:
Forgivable loan applications may be submitted 60 days or more after construction has started in your immediate area.
How to apply:
In Saint Paul
No more workshops are being held at this time.
Metropolitan Consortium of Community Developers (MCCD)
3137 Chicago Avenue, Minneapolis, MN 55407
• Contact Iric Nathanson of Metropolitan Consortium of Community Developers (MCCD)
Ready for Rail Business support and services:
Prepare your business now, before construction starts. For those businesses along the Central Corridor Light Rail Line between Hamline and Rice Street, small business preparation resources and support are available. This assistance is designed to help you:
For more information about the business support and resources available visit: www.readyforrail.net
Call the construction hotline with construction related comments or to report an incident: 651-602-1404