In a recent meeting of the Economic Development Authority (EDA), officials discussed the ongoing economic initiatives and funding opportunities impacting Moorhead and the surrounding region. Greg Wagner, the director of business and economic development with West Central Initiative, highlighted the significant state funding allocated through various programs, including the Promise grants and the Main Street revitalization program.

Wagner noted that while loan activity has been subdued due to high interest rates, there are signs of improvement as businesses adapt to the current economic climate. He emphasized the positive energy in Moorhead, particularly in the downtown area, where numerous redevelopment projects are underway. The Main Street revitalization program, which provided $1,800,000 for the Highway 10 corridor, has been instrumental in supporting local businesses with physical construction improvements.

Among the notable projects funded through this initiative are the redevelopment of the Moorhead Center Mall and the establishment of new businesses like Starboard Lounge. Wagner reported that while the Main Street program was a one-time funding opportunity, there may be additional rounds of funding available due to new statewide dollars.

The Promise program, which combines grants and loans, has also seen success, with 451 applications submitted region-wide. Of these, 173 businesses qualified for the highest need category, totaling $3,500,000 in requests. However, only $1,150,000 was available for distribution, resulting in 52 businesses receiving funding, including two from Moorhead.

Wagner expressed optimism about a potential uptick in loan activity as interest rates are expected to decline. He concluded by acknowledging the collaborative efforts of local leaders and the community's resilience in navigating economic challenges. The meeting underscored the importance of continued support for local businesses and the impact of state funding on regional development.