The Pohlad Family Foundation pledged $20 million in grants Wednesday to help businesses and nonprofits retain jobs, rehab houses and issue home and business loans.
"Job loss, housing loss and lack of credit are the problems impeding the economic recovery. Our support targets all three," said foundation codirector Jim Pohlad.
The Minnesota Chamber of Commerce Foundation and MAP for Nonprofits will disburse $12 million. About $3 million is for small businesses struggling to retain jobs; $2 million is for low-interest capital improvement loans, and $1 million is to match business-project grants. MAP nonprofits will get $5 million for job retention and temp jobs; $1 million more will be used to match grants.
The Minnesota Housing Finance Agency will receive $2.4 million for services for homeless families and rental assistance. Family Housing Fund will get $1 million to help buy and rehabilitate homes.
First-time home buyers in north Minneapolis and St. Paul's Dayton's Bluff will get $2 million. Neighborhood Housing Services of Minneapolis and Dayton's Bluff Neighborhood Housing Services of St. Paul will disburse the money in increments up to $8,000. Another $1.25 million is pegged for affordable-housing energy efficiency upgrades in those areas.
The Pohlads also pledged $250,000 in administrative support and $1.2 million in job retention funds for nonprofit agencies that don't qualify for MAP funds.
Dee DePass • 612-673-7725