The City of Minneapolis and its partners offer several business and employment assistance programs and finance tools that companies, small business owners and individuals may find helpful during these difficult economic times.
On this page, you can find more information on:
Dislocated Worker Program – The City provides employment and training services to individual workers who lose their jobs through no fault of their own due to closings, reorganizations, or other permanent layoffs and who need assistance with the transition to new employment. Services are free to eligible workers and include career counseling, skill updating, retraining and job search assistance.
Minneapolis received $962,634 in federal recovery funding to substantially increase the number of dislocated workers who will have access to education and training opportunities.
For service locations, see this brochure or for more information, contact Catherine Christian at (612)673-6230, or by e-mail at Catherine.email@example.com. A variety of resources for individuals seeking employment can be found on the Minneapolis Employment and Training Program (METP) Web page.
The Minneapolis Central Library also offers workshops on job searching, resum writing and other employment assistance. Information can be found by visiting the Hennepin County Library’s events Web page and typing "employment" in the search box.
The additional American Recovery & Reinvestment Act formula funds will be distributed among METP’s current service providers: HIRED, Employment Action Center, and Goodwill/Easter Seals and staff from the Minnesota Department of Employment and Economic Development at the two Minneapolis WorkForce Centers.
What’s in the Federal Stimulus Package for your business?
In February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). While many of the provisions of the ARRA are directed toward investments in public infrastructure, workforce training and stabilizing foreclosed housing, there are some provisions that could help you reduce operating expenses in the near term or affordably invest now in the future of your business.
The Net Operating Loss Carryback provision now allows businesses to offset current losses with up to five years of past taxes paid on profits.
Businesses can write off up to $250,000 in property or equipment purchased in tax year 2009 ( Section 179 deduction).
The Work Opportunity Tax Credit offsets labor costs between $2,400 and $9,000 per employee of certain target groups including food stamp recipients and Empowerment Zone residents. The credit has been expanded to apply to unemployed veterans and disconnected youth hired in 2009 and 2010.
Small Business Administration (SBA) loans:
America’s Recovery Capital (ARC) stabilization loans:
Expanded SBA microloan program:
Energy efficiency low-cost financing through the City of Minneapolis:
Working Capital Guaranty Program In an effort to support Minneapolis businesses through trying economic times, the City now guarantees up to 80% of working capital term loans or lines of credit, with a maximum guaranty of $75,000 .
• Two-Percent Loans – These are loans for building improvements and production equipment. The City (in partnership with banks) funds half of the loan, with a City maximum of $50,000, at a two-percent interest rate, and up to $75,000 on projects located in designated commercial corridors and nodes.
• Alternative Financing Program – This program provides small business loans up to $50,000 at a 2% rate of return, in accordance with Islamic law.
More information on these City programs and other assistance can be found on CPED’s business assistance and finance Web page , or by contacting Bob Lind at (612)673-5068, or by e-mail at Bob.firstname.lastname@example.org .
Dislocated Worker P rogram - overview of dislocated worker information and services is available for employers through the State of Minnesota Department of Employment and Economic Development or by calling (651)259-7537 or 1-800-213-1422, or by e-mailing DEED.DW@state.mn.us.
Other resources for Minneapolis businesses – In addition to City programs, there are other steps businesses can take in this challenging economic environment, including:
• Contact your banker. Minneapolis businesses are supported by a strong, stable banking community. Ask to meet with a banker to explore financing options available to meet your needs.
There are a variety of resources, from the public library and business associations to neighborhood organizations, available to help your business succeed. A listing of local agencies and associations offering financial assistance, business advice and networking opportunities can be found here.
Get advice from experts in free sessions offered through the Minneapolis Central Library and the City of Minneapolis. Business consultation information and other assistance for small businesses can be found by visiting the Hennepin County Library’s events Web page and typing "business" in the search box, or for more information, contact Andy Carlson at (612)673-5026, or by e-mail at Andrew.Carlson@minneapolismn.gov.
Minneapolis has been awarded more than $1.6 million as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) toward providing employment opportunities for youth. The City of Minneapolis offers valuable summer employment experiences for Minneapolis youth through its partner agencies. The 2009 ARRA dollars will enhance the City’s ongoing programming efforts by providing approximately 500 more summer jobs for youth.
A total of 2,300 youth will be employed through City youth employment programs this summer. The program will create jobs for youths aged 14-24, with an emphasis on summer employment. Local organizations will ensure that critical work-readiness skills training will be provided to participating youth prior to the start of their job and continuing throughout their employment.
The Minneapolis Employment and Training Program (METP) issued a Request for Proposals to distribute the recovery act funds after consulting with the Minneapolis Workforce Youth Council. Ultimately, 13 providers were selected for 14 projects, two of which will provide year round services.
For more information, contact the METP.
Last updated Sep 27, 2011