The Otto Bremer Trust in St. Paul, Minnesota, has announced a third round of grants totaling more than $14.8 million from its OBT Emergency Fund.

Established in March 2020, the fund provides grants, program-related investments, lines of credit, and other financial resources to organizations in Minnesota, Montana, North Dakota, and Wisconsin impacted by the COVID-19 pandemic and social unrest. The funding will enable eighteen community development financial institutions to provide a variety of community investments, including working capital, grants, and loans to small businesses, nonprofit organizations, and BIPOC-, immigrant-, and women-owned start-ups and businesses.

Recipients include Community Reinvestment Fund in Minneapolis, which was awarded $2 million to work with community stakeholders and co-create responsive solutions for small businesses that narrow wealth gaps for all; Propel Nonprofits in Minneapolis, which will receive $750,000 for capacity building of community-based nonprofits; Northeast Entrepreneur Fund in Duluth, Minnesota, which was awarded $750,000 to provide direct grants to BIPOC and quality-job businesses in northeast and central Minnesota; Northwest Side Community Development Corporation in Milwaukee, which will receive $500,000 in support of economic development and small businesses, especially entrepreneurs of color; and the Mni Sota Fund in Minneapolis, which was awarded $100,000 to provide patient capital to Native-owned businesses.

“While certain areas of our economy are growing again, many of the smallest businesses that are key to the health of our communities continue to struggle,” said Otto Bremer Trust co-CEO and trustee Brian Lipschultz. “PPP loans and other forms of government assistance programs have helped. But many of those avenues have come and gone, and still the pain persists. We listened to our community members and are proud to have responded with this groundbreaking program.”

(Photo credit: Gettyimages / Lumi Nola)