FAQs • Lakeville, MN • CivicEngage

What documentation is required after the application, but prior to receiving a grant?

Documentation of business revenue from 2019 (or the business’ most recent fiscal year if different), e.g. tax return, financial statements, reports, or any such records that can verify business revenue.
Documentation of payroll and employee count, if any, as of March 1, 2020.
A copy of a voided check/bank information needed to wire funds AND EITHER a copy of a Minnesota drivers license or ID, or a receipt of any of these; OR a copy of another form of government issued picture identification, if applicant does not have a Minnesota drivers license or ID.
Grant agreement signed by all owners of 20% or more as co-borrowers.

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Small Business Emergency Grant Program

1. How much money is available in the Lakeville Small Business Emergency Grant Program?: The Lakeville Small Business Emergency Grant Program is funded by CARES Act dollars and will award grant applications up to $484,694.

2. What amount can my business receive from that fund?: Each business applicant can receive up to $10,000, depending on the amount of COVID-19 related eligible expenses demonstrated.

3. When and where can I apply?: The grant application will be available on this website from July 27-August 7, 2020. Eligible applications will be awarded grant funds based on a first-come, first-served basis.

4. How will funding decisions be made?: If applications exceed funding available, applicants will be selected by a first-come, first-served basis.

5. When will I know if my business has been awarded a grant?: The Lakeville Community & Economic Development Department will notify approved applicants by email within 10 business days of the submittal of a complete application.

6. How quickly will I receive the grant funds once my application has been approved?: Within 10 days of signing the grant agreement (after all required documentation has been received and approved).

7. What does "locally owned and operated" and "physical establishment in the City of Lakeville" mean?: Eligible applicants must have a physical business location within Lakeville city boundaries. Majority ownership of the business should be Minnesota-based.

8. I have applied for COVID-related emergency small business funding through Dakota County and/or MN DEED, but don't yet know if I will receive funding. Should I apply?: Yes. Applicants are encouraged to apply for any and all sources of funding available. However, businesses may only receive Lakeville Small Business Emergency Grant Program funds upon certification and verification that no other CARES Act COVID-related emergency county or state funds have been received.

9. Are there small business funding programs still available through MN DEED or Dakota County? If so, where do I apply?: MN DEED created a Small Business Emergency Grant Program that accepted applications from June 24 through July 2, 2020. Dakota County is looking at creating a similar program and will discuss the matter during the July 14 Dakota County Commission meeting. Visit Dakota County’s website for meeting agendas and support documents.

10. I have received federal emergency funding through either the PPP or EIDL, am I eligible to apply and receive Lakeville funds?: Yes, but Lakeville Small Business Emergency Grant Program funds must be used to cover different expenses over and above specific uses of federal funds.

11. What questions will be on the application? How long will it take to complete?: The application is a series of questions that verify eligibility based on the information listed in the Program Guidelines and should take no more than 15 minutes to complete. No documents are required to complete the application.

12. What documentation is required at time of application?: A completed application form with all questions answered. No additional documentation is required with the application form. If your application is selected and verified, additional documentation will be requested.

Documentation of business revenue from 2019 (or the business’ most recent fiscal year if different), e.g. tax return, financial statements, reports, or any such records that can verify business revenue.
Documentation of payroll and employee count, if any, as of March 1, 2020.
A copy of a voided check/bank information needed to wire funds AND EITHER a copy of a Minnesota drivers license or ID, or a receipt of any of these; OR a copy of another form of government issued picture identification, if applicant does not have a Minnesota drivers license or ID.
Grant agreement signed by all owners of 20% or more as co-borrowers.

14. My business had between 1-25 FTE employees prior to the COVID crisis, but currently all employees have been laid off. Am I eligible to apply?: Yes. Eligibility is determined by the number of employees on March 1, 2020.

15. I am a sole proprietor. Do I qualify for the grant program?: Yes, as long as you have at least one eligible employee in addition to yourself as of March 1, 2020 and not more than 25 FTE employees and meet all other eligibility requirements.

16. How will my credit score affect my application?: Credit score will not affect your eligibility or selection for funding.

17. I need help filling out this application or I have a general question about the application process. Who should I contact?: Contact Kati Bachmayer, Economic Development Coordinator, at kbachmayer@lakevillemn.gov or 952-985-4425.