Skip to main content

City approves loan program for businesses near 38th and Chicago

Applications will open next week.

The Minneapolis City Council approved a new loan program Friday aimed at helping business owners at 38th Street and Chicago Avenue, otherwise known as George Floyd Square.

The George Floyd Square/38th and Chicago Forgivable Loan program will grant small businesses in the area $50,000 loans at 0% interest. If the businesses remain open a year after taking the loan, the loan will be forgiven.

The intersection of 38th Street and Chicago Avenue, where George Floyd died in police custody on May 25, now serves as a memorial and community space. The intersection has been barricaded off to traffic since Floyd’s killing, though there are maneuvers underway by city leaders to open it back up after recent reports of crime in the area.

Eligible businesses will be within the boundaries of what has become known as George Floyd Square, or 37th Street East to the north, 39th East Street to the south, Columbus Avenue South to the west, and Elliot Avenue to the east.

Business tenants and commercial property owners are eligible for the loans. Businesses need to have been open in the area as of March 30. 

The City of Minneapolis estimates that the number of eligible businesses in the area could mean up to $1 million in loans.

A GoFundMe created to support Black business owners in the area described a lack of traffic and a rise in crime near the intersection, making it difficult for businesses to stay afloat. The fundraiser, which has raised around $10,400 of its $400,000 goal, stated revenue for businesses in the area was down 75%. 

Last month, Minneapolis Police Department Chief Medaria Arradondo called for the reopening of 38th and Chicago, though the City has stated that will not happen until the trial of former Minneapolis police officer Derek Chauvin concludes.

The City also plans to maintain the memorial after the intersection reopens, and will release applications for the program next week.

Next Up

ambulance

Two youths seriously injured after being struck by driver in Bloomington

Police say the boy is in a critical condition, while the girl has severe injuries.

Rosedale Center

Two men sentenced for carjacking in Rosedale Center parking lot

Leon Kismit Bell, 49, and Jack Mitchell Piche, 23, were sentenced in U.S. District Court on Jan. 20.

Screen Shot 2023-01-27 at 3.59.30 PM

Police identify White Bear Lake officer shot while serving warrant

The officer is a six-year veteran of the department.

abortion, planned parenthood

Minnesota Senate passes bill codifying abortion into state law

Having already passed in the House, it will now be sent to Gov. Tim Walz for signing into law.

Screen Shot 2023-01-27 at 7.45.44 PM

Tyre Nichols: Initial police version of events bear similarities to George Floyd killing

Memphis PD said Nichols complained of 'shortness of breath' following 'confrontations' with police, who in reality violently beat him.

George Floyd, protest

Twin Cities authorities preparing for community reaction to Tyre Nichols video

The ATF division in St. Paul sent out an alert out of "an abundance of caution."

Screen Shot 2023-01-27 at 2.12.05 PM

Changes at K102's Chris Carr & Company, with Sam Sansevere joining as co-host

She is the daughter of former KQRS morning show personality Bob Sansevere.

Screen Shot 2023-01-27 at 1.16.21 PM

Minneapolis' Royal Foundry Craft Spirits announces closure

The distillery set out to infuse the Minneapolis craft cocktail scene with British flavor.

ShutterflyGoogle

Shutterfly to cut almost 100 jobs at Shakopee facility

The layoffs are expected to impact multiple positions within the company.

Related

38th and Chicago George Floyd Memorial

Minneapolis plans to reopen 38th and Chicago to traffic after Chauvin trial

It has revealed two options that will keep tributes to George Floyd in place.

38th and Chicago George Floyd Memorial

Crowds gather for festival, day of action at George Floyd Square

The People's Power Love Fest kicked off with door knocking to gain additional support for an effort to change the police department.

police lights

Las Vegas man identified as victim killed near 38th and Chicago

The 25-year-old died at the scene Sunday afternoon.

Screen Shot 2020-08-20 at 10.16.20 AM

George Floyd memorial at 38th and Chicago vandalized

The suspect was identified on social media after he was apprehended by community security.

Facebook - Jenkins car blocked screengrab 2

Councilor Jenkins says protesters who blocked vehicle held her 'hostage'

The protesters did not let Andrea Jenkins leave until she signed a list of six demands.

Flickr - Minneapolis police squad - Chad Davis

1 dead, 1 critical after shooting at 38th and Chicago in Minneapolis

It's the second killing in a week at the intersection in south Minneapolis.

George Floyd square

Activists erect new barricades in effort to re-take George Floyd Square

Activists have been angered by the surprise efforts to reopen the intersection.