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Find similar grantsMN PROMISE Act is sponsored by State of Minnesota (administered locally, e.g., by Elevate Hennepin). This state-funded small business revitalization program is available to disadvantaged businesses located in certain areas of Minneapolis, Saint Paul, and greater Minnesota.
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MN PROMISE Act Grant | Elevate Hennepin Introducing the MN PROMISE Act Round 2 of the MN PROMISE Act Grant is officially open, this is your chance to access state-backed funding and support to strengthen your small business.
MN PROMISE (Providing Resources & Opportunity while Maximizing Investments in Striving Entrepreneurs) is a new state-funded revitalization program designed to uplift disadvantaged businesses in North & South Minneapolis, Saint Paul, and eligible Greater Minnesota areas.
It offers both grants and loans : Metro Grant Program : $72 million in grants for qualifying businesses in Minneapolis and Saint Paul (delivered via Neighborhood Development Center). Metro Loan Program: $22. 2 million in loan funds (administered via MEDA) for eligible metro businesses.
Greater Minnesota Programs: Grant and loan programs via Minnesota Initiative Foundations and regional partners in non-metro areas. Who Can Apply & What You Need Your business must be in the eligible geographic area (Minneapolis, Saint Paul, or qualifying Greater Minnesota zones). Use the map on the MN PROMISE site to check your address.
You must submit your most recent tax return (2023 or 2024) showing gross annual revenue of $750,000 or less. If your revenue dropped 10% or more from 2023 to 2024 , that may give your application a boost (preference score). Be aware: DEED has recently updated eligibility rules , check their website for the latest criteria.
Access to capital, Business strategy, Disadvantaged businesses, Government resources, Lending resources Get connected to professional resources, tools, and guidance from business experts.
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 is funded by State of Minnesota (administered locally, e.g., by Elevate Hennepin). 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.