Eveleth was one of 12 northeastern Minnesota communities to receive a Taconite Area Community Relief grant from Iron Range Resources & Rehabilitation. The city received a $200,000 grant and combined it with $50,000 of its own money to create a lending pool of $250,000. Eveleth to date has provided $166,250 in loans to 17 businesses negatively impacted by the COVID-19 pandemic. The loans combined impacted 79.5 full time jobs. Additional loans with the remaining $83,750 could be provided to other Eveleth businesses in the coming weeks.
“Eveleth businesses have suffered significantly during the COVID-19 pandemic,” said Jackie Monahan-Junek, Eveleth city administrator. “With the grant money from Iron Range Resources & Rehabilitation, we structured a forgivable loan program to ensure that businesses could receive the help they needed. Some of the funding recipients have been part of the city’s economy for decades, and one business was brand new. They were all impacted and needed relief.”
The 17 businesses received 100% forgivable loans up to $12,000 on the condition that they remain open for two years from the date of disbursement.