MMCDC in Detroit Lakes awarded $75K grant to help entrepreneurs

The Midwest Minnesota Community Development Corporation's grant is part of the total $3.1 million awarded to 26 nonprofit lending partners across Minnesota that provide business loans through the state's Emerging Entrepreneur Loan Program.

Midwest Minnesota Community Development Corporation of Detroit Lakes has been awarded a $75,000 grant to help emerging entrepreneurs from traditionally underserved populations. (Tribune File Photo)

Midwest Minnesota Community Development Corporation, or MMCDC , of Detroit Lakes, has just been awarded a $75,000 grant from the Minnesota Department of Employment and Economic Development, or DEED.

MMCDC’s grant is part of a total $3.1 million awarded to 26 nonprofit lending partners across the state that provide business loans through DEED’s Emerging Entrepreneur Loan Program.

The grants are intended to help support the growth of businesses owned and operated by people of color, women, veterans, low-income people, and people with disabilities. The program helps ensure that business owners from populations who’ve historically faced barriers to accessing capital are able to get funds to start and grow their businesses.

“Now more than ever, the Emerging Entrepreneur Loan Program is a great platform to empower the growth of small businesses that might not otherwise have access to capital,” said DEED Commissioner Steve Grove. “Our economic recovery must create jobs in communities hardest hit by the pandemic, and that’s exactly what these entrepreneurs will do.”

The organizations awarded funding have experience helping entrepreneurs in their communities. The awards represent an initial allocation of funds; lenders with a proven record of successful Emerging Entrepreneur Loan Program lending and outreach performance who exhaust their initial funding may request additional funding.


Another Lakes Area organization to receive funding is the North Central Economic Development Association in Staples, which was also awarded a $75,000 grant.

The Emerging Entrepreneur Loan Program awards can be used by eligible businesses to finance a variety of start-up and expansion costs. Find more information about the program here .

DEED is the state's principal economic development agency. For more information, visit the DEED website or its Twitter page.

What To Read Next
Get Local