We Love Lake Street Recovery Fund

Grant Application

Applications are CURRENTLY CLOSED for our We Love Lake Street Recovery Fund. For assistance on your current application, please email  grants@lakestreetcouncil.org or call 612-822-0232. 

Intent and Scope of Funding

The purpose of the We Love Lake Street Recovery Fund is to support the recovery of businesses and nonprofit organizations in the Lake Street corridor after the civil uprising that followed in the wake of George Floyd’s murder.

This round of funding, which represents a significant portion of the funds raised to date by Lake Street Council and our partners, is meant as an initial rapid-response investment in repairing the damages experienced by businesses and nonprofit organizations. Many businesses and nonprofit organizations are now in the process of assessing damages and determining how they will move forward. Our hope is to provide flexible funding that can help address immediate needs and make the process of rebuilding more feasible.

Up to $3,000,000 in total of funding will be made available for grants to businesses and nonprofit organizations through this round of funding. This funding has been raised through the contributions of tens of thousands of individuals and several large gifts from individuals and businesses.

Eligible applicants can apply for grants of up to $25,000. Our review committee expects to make an average grant amount of $10,000. Individual grant amounts will be determined based on need and based on the priority metrics described in the “Review Process” section.

Eligibility

To be eligible for a grant, businesses or nonprofit organizations must meet all the criteria below:

  • Have fewer than 100 full time employees.

  • Have an annual revenue of less than $3 million.

  • Be located within the Lake Street Neighborhood, which is defined as the area bounded by West River Parkway on the east, 26th Street on the north, the border of Minneapolis and St. Louis Park on the west, and 34th Street on the south.

  • Have directly experienced damage to the building they are located in (i.e. broken windows, doors, fire, or other damage to the structure of the commercial property) and/or loss of business property (i.e. theft or destruction of cash, inventory, equipment, or furnishings) during the period of civil unrest during the period of civil unrest that occurred from Tuesday, May 26 through Wednesday, June 3rd, 2020.

  • Demonstrate a need for financial assistance to reopen or sustain operations.

We will only provide one grant per business or nonprofit organization in this round. A single business owner who owns multiple businesses can apply for separate grants for each business, so long as they are at separate addresses and meet all other eligibility criteria.

If one commercial property has multiple businesses or organizations inside, each impacted entity may apply for a separate grant request, but they must not duplicate requests for funding. Property owners cannot apply for a grant for a building they own unless they own a business that occupies space and operates in the same building.

Businesses and nonprofit organizations do not need to be members of Lake Street Council or any other organization to qualify for funding or to receive assistance.

Immigration status does not impact eligibility.

Businesses and nonprofit organizations that did not receive any property damage or loss of product due to theft or destruction are not eligible for funding in this round. Our team recognizes that the civil uprising had a broader impact along the corridor in terms of business disruptions, and we plan to address some of the corridor’s broader economic needs in future efforts.

Lake Street Council and our partners are available to provide other forms of support to businesses and nonprofit organizations in the corridor. The We Love Lake Street Fund Oversight Committee is working to identify additional priorities for future funding rounds.

Application Process

The application will have a series of rolling deadlines. Applications will be reviewed in batches after each deadline passes. The deadlines are:

  • Friday, June 26 

  • Friday, July 3 

  • Friday, July 10 

  • Friday, July 17 

If you are struggling to fill out an application using the online forms and need to request assistance, please contact grants@lakestreetcouncil.org.

The application will ask you to provide details on the following information:

  • Basic information about your business or nonprofit organization, including business size, contact information, and ownership information

  • Damages and losses that your business or nonprofit organization has experienced

  • Your business insurance status and any insurance claims you have made

  • Funding status and needs

  • Plans for the future of your business

  • Non-monetary needs that you have

You are not required to submit attachments with your application, but you will be given the option to do so if you choose. Providing these documents may help reduce later delays in processing your application or payment. Documents we may request include:

  • Business or nonprofit organization W-9

  • Police reports and/or photos showing damage

  • Insurance claims and determinations, if available

  • Estimates and invoices for expenses related to reopening

Review Process

All applications will be initially reviewed and compiled by Lake Street Council and our partners to ensure that all necessary information has been provided. Any incomplete applications risk being rejected, so please fill out the forms completely and respond quickly if additional information is requested.

All applications will be reviewed by the We Love Lake Street Recovery Fund Oversight Committee, which includes local leaders with a history of supporting Lake Street’s diverse business community. Current committee members include:

The Oversight Committee will be charged with determining funding allocations. The group will collectively decide who will receive funding and what amount they will receive.

Any business or nonprofit organization who meets the eligibility criteria may apply for funding. The Oversight Committee will determine funding allocations based on metrics that will prioritize:

  • Businesses and nonprofit organizations that experienced significant physical damages and losses due to theft or destruction

  • Businesses and nonprofit organizations whose losses are not covered or only partially covered by insurance

  • Small businesses 

  • Independently-owned businesses

  • Locally-owned businesses

  • Nonprofits that serve the community 

We expect to be able to announce funding decisions within 10 business days after each funding deadline passes. Decisions will be announced by direct email to applicants.

Usage of Funds and Reporting

Funds received through this grant process are only to be used for expenses related to reopening or sustaining a damaged business or nonprofit organization. Eligible expenses include repair of building damage, purchase of inventory to replace damaged or stolen goods or equipment, payments of rent, mortgage, or insurance deductibles, cleaning or demolition services, costs related to temporary relocation if a building is no longer usable, staff costs associated with reopening, and other uses that are directly related to addressing damages..

Grant recipients will be required to submit documentation of expenses within 6 months of receiving grant funds, including a written explanation, photos, and receipts to show that funds were used as intended.

Half of each approved grant will be disbursed after the grant recipient has completed grant agreement documentation, which will be provided after awards are announced. The remaining funds will be provided upon receipt of documentation demonstrating that the initial allocation was used solely for eligible expenses. Funds disbursed directly to grant recipients will be issued by check or direct deposit only to accounts bearing the name of the business or organization.

Grant recipients will be given the option to request that Lake Street Council issue grant payments directly to contractors, suppliers, or other third parties. Direct payments to contractors for eligible expenses are allowed to exceed 50%.

For assistance on the application, email  grants@lakestreetcouncil.org or call 612-822-0232.