MN PROMISE Act Grant Program

MN PROMISE Act Grant Program is sponsored by Minnesota Department of Employment and Economic Development. This state-funded initiative supports small businesses in eligible areas of Minneapolis and Saint Paul through grants that promote long-term stability, recovery, and growth.

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DEED Business Financing Programs Promise Act Grant Program Promise Act Grant Program Interested applicants should apply directly through our partner organizations listed below. Application periods vary depending on the partner organization. Please see their website for up-to-date application information.

The Minnesota Department of Employment and Economic Development (DEED) will oversee the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act approved by the Minnesota State Legislature and signed into law by Gov. Tim Walz.

This program, through a series of statewide partner organizations, will award grants to eligible businesses in communities that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, loss of population or an aging population, or lack of regional economic diversification. A total of $94. 3 million will be awarded as grants in multiple rounds.

Grant funds 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. Technical assistance will be available to assist with submitting an application.

Eligibility Partners/Service Area Grant Recipient List Contact FAQ Eligible businesses will: Have primary business operations located in the State of Minnesota Be located in an eligible service area. See more info under the Service Area tab.

Be registered with the Minnesota Secretary of State, if required by Minnesota State Law Sole proprietors operating their business under their own name do not need to be registered with the Secretary of State Have gross annual revenue of $750,000 or less based on the prior taxable year Maintain ongoing operations as of the date of application If the business location is the taxpayer's residence, the business must have claimed and been allowed the deduction for home office expenses in the prior taxable year.

Businesses will be awarded grant funds based on gross annual revenue in the prior taxable year.

Businesses with gross annual revenue in the prior year of $100,000 or less can receive up to $10,000 Businesses with gross annual revenue in the prior year of more than $100,000 but no more than $350,000 can receive up to $25,000 Businesses with gross annual revenue in the prior year of more than $350,000 but no more than $750,000 can receive up to $50,000 For the purposes of this grant program, business means both for-profit businesses and nonprofit organizations that earn revenue in ways similar to businesses.

To be eligible, non-profits must meet at least one of the two definitions of an eligible non-profit: Definition A: A nonprofit organization that earns 30% or more of their revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses.

Definition B: A nonprofit organization that earns 10% or more of their revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses AND demonstrate they maintain ongoing customer-facing operations at a permanent physical location at which some of those sales take place.

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