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Find similar grantsMN PROMISE Act Grant is sponsored by Neighborhood Development Center (NDC) / Metropolitan Economic Development Association (MEDA). The MN PROMISE Act Grant is a state-funded small business revitalization program for disadvantaged businesses in certain areas of Minneapolis, Saint Paul, and greater Minnesota.
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MN PROMISE Act — Metropolitan Economic Development Association (MEDA) The PROMISE Act ( P roviding R esources & O pportunity while M aximizing I nvestments in S triving E ntrepreneurs) Loan Program is a state-funded program that provides loans to small businesses located in certain disadvantaged areas of Minneapolis and St. Paul.
Click below to begin the MN PROMISE Act Loan Pre-Application to check your business’s eligibility for financing. (Eligibility does not guarantee MN PROMISE Act Loan funding). MN PROMISE Act loans are available to businesses, developers, and non-profit organizations in designated communities for commercial real estate purchases, renovation and/or expansion.
Loans up to $1. 5 million are available for applicants that meet eligibility requirements. MEDA administers the MN PROMISE Act Loan program for the Twin Cities, alongside community partner organizations.
The State of Minnesota has allocated $24,000,000 for PROMISE Act Loans in the Twin Cities over two years. These funds will move from the State of Minnesota, through MEDA, and into the community. This funding is to be used for Capital Improvements such as buying commercial real estate and/or building renovation and expansion.
Eligibility Requirements* (*Eligibility does not guarantee MN PROMISE Act Loan funding.) Have primary business operations located in the state of Minnesota and must registered with the Secretary of State Be located in a community that has 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.
SEE Map below.
Less than $1,500,000 in gross annual revenue per year based on applicant’s taxes in 2023 and 2024 Complete eligibility form To receive a loan, a business must be located in one of these areas: (Eligibility does not guarantee MN PROMISE Act Loan funding) West Broadway, Camden, or other North Minneapolis neighborhoods Lake Street, 38th & Chicago, Franklin, Nicollet, & Riverside corridors of South Minneapolis University Avenue, Midway, Eastside, or other St.
Paul neighborhoods CLICK TO DOWNLOAD MAPS of eligible metro neighborhoods MN PROMISE Act Loan Program Quick Facts How Can the Funds Be Used? Loans can ONLY be used for Capital Improvements such as buying commercial real estate and/or building renovation and expansion. What Are the Terms of PROMISE Loans & How Much Loan Funding Can a Business Receive?
Loans will be in amounts of a minimum of $50,000 to a maximum of $1. 5 million for a term of no more than 10 years and will charge an interest rate of no more than 3%. MEDA will establish a revolving loan fund for PROMISE Loans so that all funds paid back can be lent out again to other eligible businesses.
What is the process of the MN PROMISE ACT Loan Application? Pre-apply to see if your business is eligible for MN PROMISE ACT Loan Funding. (Eligibility does not guarantee MN PROMISE Act Loan funding).
If your business is eligible, you will receive an email with the MN PROMISE Act email with a MN PROMISE Loan Application Form, and a link to upload all the other necessary documents to begin the Loan Application. Underwriting will begin only when all the necessary documents have been submitted. This process, including appraisal and inspection will take approximately 8 weeks to complete.
Complete Eligibility Form Neighborhood Development Center (NDC) administers the PROMISE Act Grant program
According to the current listing, eligibility includes: Disadvantaged businesses located in certain areas of Minneapolis, Saint Paul, and greater Minnesota, with annual revenue less than $750,000, and who have not received a prior Promise Act grant. Confirm the full requirements in the official notice before applying.
The current listing shows up to $50,000. Verify award ceilings, matching requirements, and allowable costs in the official notice.
MN PROMISE Act Grant is funded by Neighborhood Development Center (NDC) / Metropolitan Economic Development Association (MEDA). Verify program details on the funder's official page before applying.
This opportunity targets applicants in Minnesota. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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