IRRRB approves funding to help businesses in Cook recover from flooding

A new grant program and loan option are going to be available for businesses impacted by the flooding in Cook.

Iron Range Resources now has a City of Cook Economic Recovery Fund. Members of the IRRRB approved the funding at a meeting on Monday.

IRRR hosted an outreach session for businesses at the Cook Community Center. Agency staff met in person with 10 businesses to listen to their recovery needs, including their financial and logistical challenges. Agency staff has also been in communication with other areas impacted by the flood including Biwabik, Giants Ridge and Hibbing.

To be eligible for the City of Cook Economic Recovery Fund, a business must intend to reopen in the city of Cook, demonstrate need for financial support and utilize available insurance.

Total Agency Investment: $2,500,000

• Quick Start Economic Recovery Grants: Available immediately to business owners who were operating in the city of Cook at the time of the flood, whose business is located in the commercial business area, and who intend to reopen. Each business may be awarded one grant up to $25,000. Eligible uses of grant funding include replacement of lost inventory, replacement of machinery/equipment/furniture, supplies, building rehabilitation, architectural/engineering services related to building repair or building new, full or selective demolition, utility bills, operational and other expenses.
• Cook Economic Redevelopment Loans: Available to business owners who were operating in the city of Cook at the time of the flood, whose business is located in the commercial business area, and who will reopen by rebuilding in the same or new location or by rehabilitating the building on the existing site. Will have the potential for forgiveness and provide long term financial support to business owners impacted by the flood. The loan funding will be distributed by IRRR to the city of Cook who will in turn work with an alternative lender to administer the funding to the business and service the loan. Any loan repayments will be recaptured by the city and used for future economic development projects. Loan forgiveness will be contingent upon business remaining open for five years.