5.5 Million in Grants to 300+ Businesses
Your donations have not just rebuilt businesses but rebuilt livelihoods and supported hundreds of individuals.
Pineda Tacos Plus - 330 E Lake St, Minneapolis, MN 55408
The Lake Street Council is pleased to announce grants totaling $5.5 million to 300+ Lake Street businesses and nonprofits that were damaged or destroyed by the civil uprising after George Floyd’s murder. Of those grants, 82% of the businesses and nonprofits receiving awards are owned by Black, Indigenous, People of Color (BIPOC), or Immigrants and had an average of 4 full-time employees. The average grant amount was approximately $15,000.
Businesses or nonprofit organizations could apply for up to $25,000 to repair building damage or replace inventory, equipment, or furnishings. Organizations with annual revenues of less than $3 million and fewer than 100 employees were eligible to apply.
“The Lake Street Council’s first round of funding helps to provide a valuable lifeline for BIPOC and Immigrant-owned businesses at an extremely fragile time. My sincere gratitude and deep appreciation to the Lake Street Council’s leadership and team for making sure the funding quickly reached the most at-risk businesses,” said Nasibu Sareva, African Development Center Executive Director and member of the Lake Street Recovery Fund Committee.
“We have been humbled by the outpouring of support from 70,000 individuals, corporations, and foundations for the recovery of Lake Street businesses and nonprofit organizations,” said Allison Sharkey, Lake Street Council Executive Director. “The community’s extraordinary support has, in turn, allowed us to launch this much-needed grant program so quickly. We expect it will take five to ten years for a full recovery, but this is a critical first step.” Sharkey added.
The requests for support were so significant that the Lake Street Council has allocated an additional $1 million for businesses and nonprofits meeting the criteria described above. The Lake Street Council, through its We Love Lake Street Fund Oversight Committee of community leaders, will continue to review requests for the additional $1 million over the next few weeks. Application guidelines, procedures, and more information about the committee and the grant process can be found on the website VisitLakeStreet.com.
The We Love Lake Street Fund Oversight Committee will also identify additional priorities for future funding as the Lake Street Council continues to address the corridor’s broader economic needs through additional partnerships and fundraising.
| Status of Application Pool - Round 1 | # or % |
|---|---|
| Total applications received | 403 |
| Total funded | 328 |
| Total funding requested (all applicants) | $10,666,004 |
| Total funding requested (funded applicants) | $8,942,980 |
| Average request size | $15,015.64 |
| Total estimated property damage from grantees | $28,545,543 |
| Total estimated loss of cash, equipment, merchandise, or furnishings from grantees | $23,786,196 |
| BIPOC or immigrant ownership | 82% |
| Local ownership | 93% |
| Uninsured | 59% |
| Average number of full-time empolyees | 3.99 |
