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PROMISE Act Grants is sponsored by Southern Minnesota Initiative Foundation (in partnership with Minnesota Department of Employment and Economic Development). This program aims to drive economic recovery in south central and southeastern Minnesota through grants to small businesses experiencing lack of access to capital, loss of population or an aging population, or a lack of regional economic diversification.
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PROMISE Act Grants - Southern Minnesota Initiative Foundation PROMISE Act Grants SMIF 2025-11-18T09:28:35-06:00 Southern Minnesota Initiative Foundation (SMIF) is pleased to announce grants for small businesses in south central and southeastern Minnesota that are located within it’s service area which includes 20 counties and one Native nation .
The PROMISE Act is funded by a one-time allocation from the State of Minnesota Legislature in partnership with the Minnesota Department of Employment and Economic Development (DEED). Grants can range from $10,000 to $50,000 and will be awarded to businesses to invest in existing operations or planned growth. Grant awards will be limited and approved on a competitive basis.
This grant is closed for 2025. This program looks to drive economic recovery in our region through grants to small businesses in south central and southeastern Minnesota experiencing lack of access to capital, loss of population or an aging population, or a lack of regional economic diversification. This program is not first-come, first-served; apply any time before the deadline.
These grants will be competitive; grants are limited, not all businesses can expect to receive one. Businesses can use funds 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. This is a statewide grant.
If your primary business operations are not located in our region , please find the partner organization supporting your region here . They will help you apply. If you are part of our region, you’re in the right place!
Here are the requirements: Business meets the DEED Promise Act Grant eligibility requirements Proof of MN residency for owner of 20% or more of business Either did not receive pandemic relief grants from the State of Minnesota, or received $10,000 or less in the following pandemic relief grants from the State of Minnesota: Minnesota Small Business Loan Guarantee Minnesota Small Business Relief Grants Minnesota Main Street Covid-19 Relief Grants Minnesota Business Relief Payments For more details please see the FAQ section on the DEED Promise Act site.
Other consideration will be given to: Located in a community or rural area of less than 20,000 population. 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. Can provide a plan for using the grant and financial projections that support continued operations.
Application opens: October 16, 2025 Application due: November 17, 2025 This program is not first-come, first-served; apply any time before the deadline. Brian Conzemius, Vice President CFO Email: brianc@smifoundation. org Melissa Langer, Operations & Governance Manager Email: melissal@smifoundation.
org The PROMISE Act Grant is a statewide program with multiple partners accepting applications throughout the Minnesota. SMIF is one of six Minnesota Initiative Foundations (MIFs) that will accept applications through this program, in addition to the Neighborhood Development Center, which will accept applications in certain areas of the Twin Cities metro.
For businesses that are not located in SMIF’s region , please consult the following website to determine who to contact for this program: https://mn. gov/deed/business/financing-business/deed-programs/promise-grant/ inquiry@smifoundation. org Southern Minnesota Initiative Foundation is a 501(c)(3) and all donations are tax deductible 36-3454285.
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Based on current listing details, eligibility includes: Small businesses in south central and southeastern Minnesota within SMIF's service area (20 counties and one Native nation). Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates $10,000 - $50,000 Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
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