• Advertise
  • Donate
  • Subscribe
    • Become a print subscriber
    • Sign up for e-Newsletter
    • e-Editions
Wednesday, October 4, 2023
No Result
View All Result
Minnesota Spokesman-Recorder
  • News & Features
    • National
    • Local
    • Special Editions
      • MLK Legacy
      • Black History Month
      • The MSR Celebrates Women’s History Month
  • All Sections
    • Opinion
      • Mellaneous by Mel Reeves
      • Word on the Street
      • Reaching Out From Within
    • Health + Wellness
      • Women’s Wellness
      • Parenting Today
      • Minnesota Cancer Alliance Breast Cancer Gaps Project
    • Sports
      • Timberwolves/NBA
      • Lynx/WNBA
        • 20 in 20
      • Twins/MLB
      • MN Wild/NHL
      • Vikings/NFL
    • Business
      • Small Business Month Celebration
      • Black Business Spotlight
      • Finances FYI
    • Arts + Culture
    • Photo Galleries
      • Photo of the Week
    • MSR Forefront Digital Roundtable Series
      • MSR Forefront Highlights
    • Go Green
    • Education
    • Bulletin
    • Jobs & Notices
      • Legals
      • Announcements
  • Events
    • Submit an event!
  • Obits
  • Sister Spokesman
  • e-Editions
Minnesota Spokesman-Recorder
  • News & Features
    • National
    • Local
    • Special Editions
      • MLK Legacy
      • Black History Month
      • The MSR Celebrates Women’s History Month
  • All Sections
    • Opinion
      • Mellaneous by Mel Reeves
      • Word on the Street
      • Reaching Out From Within
    • Health + Wellness
      • Women’s Wellness
      • Parenting Today
      • Minnesota Cancer Alliance Breast Cancer Gaps Project
    • Sports
      • Timberwolves/NBA
      • Lynx/WNBA
        • 20 in 20
      • Twins/MLB
      • MN Wild/NHL
      • Vikings/NFL
    • Business
      • Small Business Month Celebration
      • Black Business Spotlight
      • Finances FYI
    • Arts + Culture
    • Photo Galleries
      • Photo of the Week
    • MSR Forefront Digital Roundtable Series
      • MSR Forefront Highlights
    • Go Green
    • Education
    • Bulletin
    • Jobs & Notices
      • Legals
      • Announcements
  • Events
    • Submit an event!
  • Obits
  • Sister Spokesman
  • e-Editions
No Result
View All Result
Minnesota Spokesman-Recorder
No Result
View All Result

City of St. Paul announces Job Opportunity Fund

by MSR News Online
August 3, 2018
6
SHARES
113
VIEWS
Share on FacebookShare on LinkedIn

Pilot program to provide low-interest loans for job creation in poverty-stricken areas

 

Getty Images

The City of St. Paul has announced a new pilot program providing $500,000 in low-interest loans and incentives to encourage businesses to create jobs in areas of concentrated poverty (ACP50).

Businesses can apply for a maximum $10,000 loan through the Job Opportunity Fund for each new, full-time equivalent job created, with a maximum loan total of $100,000. Loan requests of $50,000 or more will need to be approved by the Housing and Redevelopment Authority (HRA) Board.

Applying businesses must be located within an ACP50 area or across the street from eligible businesses. ACP50 areas are defined as neighborhoods where 50 percent or more of the residents are people of color and 40 percent or more have family or individual incomes that are less than 185 percent of the federal poverty threshold.

“The unemployment rate in St. Paul’s areas of concentrated poverty, or ACP50 areas, is double that of the rest of the city,” said St. Paul’s Planning and Economic Development Director Dr. Bruce Corrie. “This fund aims to combat that by growing jobs in these neighborhoods.”

- ADVERTISEMENT -

Loan incentives include up to 30 percent principal forgiveness for initial job creation, with up to 20 percent additional loan forgiveness for hiring residents who also live in these ACP50 areas. To maximize the principal forgiveness, the business must remain in place and retain those jobs for a five-year period. Start-ups can also apply, but must have a business plan and monthly income and cash flow projections for at least three years.

“The Job Opportunity Fund allows us to target job growth in the areas of our community that needs it most,” said St. Paul Mayor Melvin Carter. “The fund is aptly named, as we strive to see opportunity exist for everyone in St. Paul, regardless of their zip code or skin color.”

Funds must be matched with private debt or equity of at least 30 percent for existing businesses and of at least 60 percent for start-ups. Depending on the loan amount, City subsidy requirements, such as affirmative action hiring and construction wage rates, may be required.

“This program is a flexible, innovative tool to spur economic development in a timely manner,” said St. Paul’s Economic Development Director Martin Schieckel. “This provides another way for the City to help businesses grow and develop.”

Businesses can use the Job Opportunity Fund loan for any business-related expense connected to job creation, such as inventory purchases, professional fees, furniture and equipment, leasehold improvements, and interior and exterior building improvements.

- ADVERTISEMENT -

Loan applications are being accepted on a first-come, first served basis, and will be reviewed by City staff. A $75 application fee is due at the time an application is submitted.

Visit stpaul.gov/job-opportunity-fund to learn more.

 

—Information provided by the City of St. Paul.

- ADVERTISEMENT -

Support Black local news

Help amplify Black voices by donating to the MSR. Your contribution enables critical coverage of issues affecting the community and empowers authentic storytelling.

Donate Now!

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Like this:

Like Loading...
ADVERTISEMENT
Previous Post

It’s time to clean up the trash

Next Post

Opinion: To change tomorrow’s outcomes, we need change today!

MSR News Online

Reach the MSR staff at msrnewsonline@spokesman-recorder.com.

You Might Also Like

Coronavirus:  Mayor Carter declares state of local emergency, announces closure of libraries, parks & rec facilities
COVID-19

Coronavirus: Mayor Carter declares state of local emergency, announces closure of libraries, parks & rec facilities

St. Paul offers rent assistance to keep at-risk kids in school
Education

St. Paul offers rent assistance to keep at-risk kids in school

TU Dance rings in new season with a nod to the past
Bulletin

St. Paul City Council awards $1 million for upcoming arts and culture programs

Controversy on the corner
Local

Controversy on the corner

melvincarter.
Bulletin

St. Paul Mayor Melvin Carter hosts community budget series

Next Post
Opinion: To change tomorrow’s outcomes, we need change today!

Opinion: To change tomorrow's outcomes, we need change today!

  • Facebook
  • Instagram
  • Twitter
  • YouTube
ADVERTISEMENT

Upcoming Events

Sep 12
September 12 @ 6:30 pm-December 18 @ 9:30 pm Recurring

Vic Volare Presents MUSIC FOR MARTINIS ft: Vic’s Fabulous Nightclub Academy

Oct 3
October 3 @ 8:30 am-October 4 @ 5:30 pm

Insects: Little Body, Big Impact | Nobel Conference 59 | Virtual or In-Person

Oct 4
6:00 pm-8:00 pm

An Evening with Liz Cheney

Oct 5
7:00 pm-9:00 pm

The Bombing of Cubana Flight 455: Why it Matters

View Calendar
ADVERTISEMENT
ADVERTISEMENT

Read our latest e-Edition!

PHOTO: Barbie back-to-school party

A Barbie back to school party.
ADVERTISEMENT
ADVERTISEMENT

Subscribe

  • Home/Office Delivery
  • Weekly e-newsletter
  • e-Editions

Support

  • Donate
  • Subscribe
  • MSR Newsstand Locations

Connect

  • About
    • MSR Staff
  • Contact
  • Send a news tip
  • About
  • Privacy Policy
  • Terms

© 2023 Minnesota Spokesman-Recorder

No Result
View All Result
  • News & Features
    • Local
    • National
  • All Sections
    • Arts & Culture
    • Health & Wellness
      • Women’s Wellness
      • Parenting Today
      • MN Cancer Alliance Breast Cancer Gaps Project
    • Business
      • Black Business Spotlight
      • Finances FYI
      • Small Business Month Celebration
    • Opinion
    • Sports
  • Events
  • Obits
  • Sister Spokesman
  • Donate
  • Subscribe

© 2023 Minnesota Spokesman-Recorder

 

Loading Comments...
 

    %d bloggers like this: