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Minnesota Small Businesses Affected By Rail Construction To Receive Loans
Written by Jenna Weiner
Minnesota Council sets up fund for small businesses.
There is good news for small business owners in Minnesota suffering from the negative effects of an ongoing rail project.
The Minnesota Council recently set up a $1-million loan program for local businesses that are losing profits from the construction of the transit system. Along with the council's million-dollar contribution to the interest-free loan fund, the Central Corridor Funders Collaborative will contribute $500,000. Those in charge of the rail system are hoping that the funds will be enough to last until the anticipated completion of the project in 2014.
"The council and our project partners are doing everything we can to reduce the disruptive impacts during construction," said Bell. "Through our Ready for Rail initiative, we want to help businesses prepare to survive construction and to thrive once it is completed in 2014."
The council has also agreed to help small businesses in other ways while construction is going on. The construction zones will feature directional and promotional signs for small businesses in the area.
According to a recent report from Families USA, there is other good news for small businesses. The group reported that 84 percent of small businesses will qualify for a healthcare tax credit under the healthcare reform legislation.
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