Minnesota PROMISE Act Funding to Support Disadvantaged Small Businesses is Becoming Available



DEED Developments










"Minnesota PROMISE Act Funding to Support Disadvantaged Small Businesses is Becoming Available"

Applications for the first round of funding from the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act are becoming available from the Neighborhood Development Center (NDC), the Minnesota Initiative Foundations and the Metropolitan Economic Development Association (MEDA). ?

The Minnesota PROMISE Act, created by the Minnesota Legislature in 2023, establishes two programs ? PROMISE Act Grants and PROMISE Act Loans ? that provide financial support for small businesses located in legislatively-designated communities and neighborhoods that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population or a lack of regional economic diversification.

The PROMISE Act Grant program will provide $86.4 million in working capital grants and the PROMISE Act Loan program will provide $28 million in capital improvement loans in designated areas of the Twin Cities and in Greater Minnesota. In the Twin Cities, eligible geographic areas were established by legislation and include areas of North Minneapolis, South Minneapolis, the University/Midway area of St. Paul and the East Side of St. Paul. Learn more here about eligible Twin Cities communities and neighborhoods [ [link removed] ].

PROMISE Act Grants can be used for working capital to support payroll expenses, rent or mortgage payments, utility bills, equipment and other similar expenses that occur in the regular course of business. PROMISE Act Loans can be used for site acquisition and preparation, building construction, infrastructure, landscaping and other eligible capital improvement cost.

To be eligible for a grant, applicants must be a small business with less than $750,000 in gross revenue based on the 2021 tax year. To be eligible for a loan, applicants must be a small business with less than $1,000,000 in gross revenue based on the 2021 tax year.

In the Twin Cities area, PROMISE Act Grants are being administered by NDC and PROMISE Act Loans will be administered by MEDA. In Greater Minnesota, PROMISE Act Grants and PROMISE Act Loans will be administered by each of the six Minnesota Initiative Foundations [ [link removed] ] in their respective service areas.

These organization are responsible for developing and implementing programs that will best serve their communities based on legislative requirements and guidelines established by the Department of Employment and Economic Development. These organizations have opened, or will soon open, applications for PROMISE Act funding.

Interested applicants should *direct questions and apply directly through the partner organizations.* Application periods depend on the individual partner organization. For more information on PROMISE Act grants and loans, please contact these organizations:

*Region*



*Partner Organization*



*Anticipated Launch Date*



*Application Close*



*Contact Information*



Minneapolis and St. Paul

?



Grants: NDC [ [link removed] ]

Loans: MEDA

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Application Coming Soon



To Be Announced



[email protected]

651-379-8102

?

Adrian Ruddock

[email protected]

612-259-6579



Central



Initiative Foundation [ [link removed] ]



March 12



April 10



Haakon Lehn

320-632-9255

?

For PROMISE Loans:

Doug Adams

[email protected]

320-631-2063



Northeast



Northland Foundation [ [link removed] ]

?



March 26



To Be Announced



[email protected]

?

For PROMISE Loans:

Amanda Vuicich:

[email protected]

218-270-8407

Michael Colclough

[email protected]

218-740-7305



Northwest



Northwest Minnesota Foundation [ [link removed] ]



April 1



April 30



Sarah Linda

[email protected]

218-558-5327



West Central



West Central Initiative Foundation [ [link removed] ]



May 1



May 31



Greg Wagner

[email protected]

218-998-1621



Southwest



Southwest Minnesota Initiative Foundation [ [link removed] ]



To Be Announced



To Be Announced



Briana Mumme

[email protected]

320-583-5025

?

For PROMISE Loans:

Amy Woitalewicz

320-583-9203

[email protected]



Southeast



Southern Minnesota Initiative Foundation [ [link removed] ]



March 27



April 24



Melissa Langer

[email protected]

Brian Conzemius

[email protected]

507-455-3215



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