Heartland Lakes Development Commission (HLDC) created the Hubbard County COVID-19 Business Assistance Program to provide emergency financial assistance for businesses that are experiencing financial hardships due to pandemic related restrictions.
The program is now accepting applications for its fourth and final round of funding.
It is funded through participation agreements with local governments within the county that received Coronavirus Relief Fund (CRF) resources provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act.
The goals and objectives of this program are as follows:
To provide emergency financial assistance for businesses that are experiencing financial hardships due to the COVID-19 related restrictions.
Allocate CARES Act resources to this program from governmental units that have received excess funding.
Ensure that this assistance will be beneficial to the business and in compliance with the Federal appropriation.
Facilitate business survival, especially for small businesses during this pandemic.
Enhance, to the greatest extent possible the retention of jobs throughout the County.
In order to be eligible for the funding, a business must be able to demonstrate that they were directly and adversely affected by COVID-19 by documenting at least a 20% reduction in revenues as calculated by monthly sales from any three consecutive months between March and September compared to the prior year sales for the same time period.
In addition, the business must have a physical commercial location in Hubbard County, be registered with the Minnesota Secretary of State, be able to demonstrate financial viability and be current on all financial obligations as of March 1. Certain nonprofits with retail or service functions may be eligible at the discretion of the review committee. Religious and political organizations are ineligible for this program.
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The maximum amount of assistance available is $20,000 that will be determined by the actual economic injury to the business, financial need and availability of grant funds. The deadline for submitting applications is Wednesday, Nov. 4. Applications may be submitted by completing an application form and returning the application to HLDC. Applications are available by visiting the website https://heartlandlakesdevelopment.org or by contacting Julie Kjenaas of the HLDC at 732-2259 or jkjenaas@hrdc.org.
