Greater Mankato Growth Nonprofit Engagement Fund

Greater Mankato Growth has partnered with Mayo Clinic Health System to offer Greater Mankato Growth’s Nonprofit Engagement Fund for memberships, programs, and events. This partnership was established to ensure nonprofit organizations and their staff can take advantage of the many benefits offered through Greater Mankato Growth. The partnership recognizes that nonprofit organizations throughout Greater Mankato are a steady source of economic growth for our region as well as a key partner in providing vital services, employing residents, and improving the quality of life.

“Nonprofit organizations provide vital services that impact the health and wellness of our employees, patients and community members. We are excited to be the sponsor for Greater Mankato Growth’s nonprofit scholarship fund which will enable leaders from this sector to participate in various GMG opportunities,” Dr. James Hebl, Regional Vice President, Mayo Clinic Health System, Southwest Minnesota

Nonprofit Membership Rate:

Nonprofits are now eligible to pay the Basic Level pricing at $330 and receive the benefits of the Engaged Level (typical pricing at $770). To be considered, nonprofit organizations must meet one of the following criteria:

• Have an annual budget or gross revenue of $400,000 or less;

• Be able to prove financial hardship with detrimental impact to the local community. This information must be included in the application narrative.



Engagement Funds for Events and Programming:

Through the Greater Mankato Growth Engagement Fund, Greater Mankato Growth (GMG) will offer
partial funding toward Greater Mankato Growth events and programming, which includes but is not limited to:


• Professional Development;
• GMG Talent Programs (including but not limited to Leadership Institute, Young Professionals,
Navigators, and Executive Sounding Board);
• Volunteer Groups, such as Ambassadors and Cavaliers;
• Events (including Business After Hours, Business Awards & Hall of Fame, Annual Meeting, and
other connecting events).

TO APPLY FOR THE NONPROFIT RATE OR ENGAGEMENT FUNDS PLEASE EMAIL A ONE PARAGRAPH
REQUEST TO INFO@GREATERMANKATO.COM or learn more details here:

New Business Focus, First National Bank Minnesota Featuring Mike Bresnahan and Eric Peters

First National Bank Minnesota is a full-service financial institution headquartered in St. Peter, Minnesota, with banking offices in Mankato, St. Peter, Gaylord, and Belle Plaine. Our primary geographic market covers a large area in south central Minnesota, including Nicollet, Blue Earth, LeSueur, Scott, Carver, and Sibley counties.

Continue reading “New Business Focus, First National Bank Minnesota Featuring Mike Bresnahan and Eric Peters”

Expanded Opportunities for PPP and the Employee Retention Credit

The following blog post was contributed by Abdo, Eick & Meyers, LLP to assist businesses in understanding how recent federal legislation has changed criteria related to the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC).

The COVID Tax Relief Act (COVIDTRA) that was passed late December made drastic changes to the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) for both 2020 and 2021. The most critical changes for eligible employers include:

  • Qualifying expenses paid with PPP funds are now deductible for federal income tax purposes, however, we are still waiting on guidance from most state legislatures regarding state deductibility. This change officially means that PPP loans and their forgiveness will not be subject to federal income tax.
  • Employers may now be eligible for the Employee Retention Credit (ERC). Previously, organizations which received a PPP loan were ineligible to claim the ERC. That requirement has been removed and the credit has been extended through the first six months of 2021. To employers that are eligible, the ERC may provide up to a $7,000 per employee tax credit per quarter.
  •  The SBA announced they will begin accepting applications for new PPP loans from limited borrowers beginning January 15, 2021. Minority and women-owned businesses will be able to borrow first-time PPP loans initially, followed by minority and women-owned businesses requesting a second-time loan.  

The COVIDTRA legislation is good news for many employers. There are several critical planning considerations to discuss with your tax advisor to maximize your credit eligibility and avoid missing out on significant funding.  Key decisions that should be discussed include:

  • Applying for a first-time or second-time PPP loan.
  • Applying for 1st round PPP loan forgiveness if your organization experienced a partial or complete operational shutdown or a significant reduction in 2020 gross receipts.
  • Electing to take the Employee Retention Credit for 2020 or 2021.

There are still many unanswered questions about the PPP and ERC that we expect to receive further guidance on from the IRS in the coming weeks.  Additionally, are a few strategies to consider when determining if PPP, ERC or both are right for your specific situation. Be sure to contact your tax advisor to discuss your organization’s relief options and ensure that you don’t miss significant tax credits and funding opportunities.

About Abdo, Eick & Meyers, LLP 

Abdo, Eick & Meyers is a progressive CPA firm that leverages its “People + Process” by partnering with businesses to increase value, helping government audit clients operate more efficiently, and providing the very best in tax planning and preparation services. Established in 1963 in Mankato, Minnesota, the firm has evolved into a mid-sized leader in the regional accounting industry through a combination of steady organic growth and key mergers and acquisitions. Since its earliest days, the firm has carefully listened to its clients and then developed new areas of expertise and service lines to meet their needs. Learn more at www.aemcpas.com

Grant for City Center Businesses

The City Center Partnership works to promote collaboration and foster investment in the City Center to attract and support the growth of a diverse array of business, customers, visitors and residents to the region. To assist in fulfilling this mission, the City Center Partnership and it’s associated geography (see map below) is a designated Main Street district. The Main Street district designation is part of the City Center Partnership’s national accreditation as a member of the Main Street America program.

The Main Street America program is offering grants to support brick-and-mortar small businesses in designated Main Street districts as they work to adapt to COVID-19 and prepare for the next phases of reopening across the country, while also helping to revitalize and strengthen older and historic commercial corridors. Grants of $5,000 to $10,000 will be awarded on a competitive basis. 

In order to be eligible for participation, applicants must meet the following criteria:

  • The applicant must be located in an Accredited or Affiliate Main Street America community or UrbanMain commercial corridor. This list is available here.
  • The applicant must be a for-profit business. 501c3 and 501c6 entities are not eligible. The applicant must be a business entity in good standing in the state in which it was formed and the state in which it does business. 
  • The applicant must operate a “brick and mortar” storefront located in an older or historic downtown or neighborhood commercial district. 
  • The applicant must employ less than 20 full time employees. 
  • The applicant must be an owner of the business. 
  • The applicant must be at least age 18 years or older.

Eligible grant expenses include but are not limited to:

  • Physical improvements to business space to meet relevant reopening requirements implemented because of COVID-19
  • Equipment to comply with public health and safety guidelines (i.e., touchless payment methods, automatic door open sensors, or disposable menus)
  • Fees associated with expanding the business to e-commerce sales
  • Other professional services, such as business plan modifications
  • Rent, payroll, and other operating expenses

Applications will open at 12pm EST/ 11am CST on Thursday, January 21 and continue to be accepted through Thursday, January 28 at 7:59pm EST/ 6:59pm CST. The application and additional information can be found here: https://www.mainstreet.org/howwecanhelp/brother

Mankato Recovery Loan Program Open for Application

CityMkto_LeadingTheWayThe City of Mankato has created a recovery loan program to assist small businesses in Mankato. Businesses with 50 or fewer employees may apply for a deferred loan of up to $25,000 through this program for property and business improvements to help reopen and operate safely following Centers for Disease Control and Prevention, the Minnesota Department of Employment and Economic Development and Minnesota Department of Health guidelines.

Recovery loans are repaid over five years and have: Continue reading “Mankato Recovery Loan Program Open for Application”

Mankato Sustaining Loan Program Open for Application

CityMkto_LeadingTheWayThe City of Mankato has created a sustaining loan program to assist small businesses in Mankato. This loan is for Mankato businesses with 50 or fewer employees who have had a revenue decrease of 50% of more due to the COVID-19 pandemic. Eligible business owners may apply for a one time loan of up to $5,000 per applicant with a zero percent interest rate during the deferral period and two percent thereafter. Loans will be for a maximum length of 24 months from the time the deferral period ends. Eligible loan activities include operating capital to assist businesses with sustaining itself such as for lease/mortgage payments, utility bills, property taxes, supply and inventory. It is anticipated that funding decisions will be made in June. Applications must be submitted by June 1, 2020.

The application is available on the City’s website here.

COVID-19 Business Loan/Grant Resources

With COVID-19 hitting businesses tremendously hard, all levels of government and other organizations have made a number of financial resources for businesses available. Below is a comprehensive list of those resources with links to where you can learn more. Continue reading “COVID-19 Business Loan/Grant Resources”

Business Resources for COVID-19

Greater Mankato Growth in coordination with the Regional Economic Development parnters (Eagle Lake, Lake Crystal, Mankato, North Mankato, St. Peter, and Blue Earth and Nicollet Counties), is monitoring updates to legislation (State and Federal) which would provide resources for businesses as they deal with the impacts of COVID-19.

To assist Greater Mankato Growth, we are asking area businesses to complete the following survey (4 minute length) so we can continue to provide useful information to our partners and businesses:  https://www.surveygizmo.com/s3/5502344/Covid-19-and-Greater-Mankato

Continue reading “Business Resources for COVID-19”