Minneapolis businesses struggling to survive inside the area known as George Floyd Square could soon get monetary help from the city.
The Business, Inspections, Housing and Zoning Committee has unanimously approved $50,000 interest-free, forgivable loans for small businesses and nonprofits behind the barricades surrounding the makeshift memorial where George Floyd struggled under the knee of a Minneapolis police officer.
Borrowers would not have to repay the loans if their business or organization stays open for one year.
The loan program would repurpose half of the city's budgeted small-business loan pool, or about $1 million.
The proposal is headed to next week's City Council meeting for a final vote.
"The businesses and organizations located in the immediate area of 38th and Chicago have experienced an exceptional economic burden, as the location of Mr. George Floyd's death and the subsequent closing of the intersection to regular vehicle traffic," said Erik Hansen, the city's director of economic policy and development. "Existing city programs are inadequate to address the losses."
The barricaded area, stretching from 37th to 39th streets and Elliot and Columbus avenues, is under occupation by protesters who have given the city 24 demands for relinquishing the street.
Black business owners inside the zone have organized to complain that they don't agree with the barricades, which they claim encumber delivery drivers and provide a cover for crime.
