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Find similar grantsPromise Loan Program is sponsored by Minnesota Dept. of Employment & Economic Development. Provides loans to businesses located in communities adversely affected by racial discrimination, civil unrest, and other challenges.
Category: Economic Development.
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DEED Business Financing Programs The Promise Loan Program makes loans to businesses, non-profit organizations, and developers in communities 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. This program was created by the 2023 Minnesota legislature.
DEED is currently funding the partner organizations that will make the loans. Organizations have begun accepting loan applications from eligible recipients in early 2024. DEED provides funding to partner organizations, specifically the Minnesota Initiative Foundations and Metropolitan Economic Development Association (MEDA), to make loans to eligible recipients.
An eligible recipient must: Have primary operations located in the State of Minnesota Have gross annual revenue of less than $1. 5 million based on applicant's prior year taxes 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 the foundation information below. MEDA has specific neighborhoods that will be eligible for the PROMISE Loan Program, located in North Minneapolis, South Minneapolis, and St. Paul.
Promise Act Neighborhood Maps with geographic locations for eligibility. An ‘Eligible Project’ means the development, redevelopment, demolition, site preparation, predesign, design, engineering, repair, land acquisition, relocation, or renovation of real property or capital improvements.
Eligible project includes but is not limited to construction of buildings, equipment purchases, infrastructure, related site amenities, landscaping, and street-scaping. Redevelopment does not include project costs that have received compensation or assistance available through insurance policies or from other organizations or government agencies. Be for no more than $1.
5 million Be for a term of no more than 20 years Not charge an interest rate of more than 3% Not be used for working capital or inventory; consolidating, or repaying, debt; or speculation or investment in rental real estate Be subject to a loan origination fee of no more than 1% at the lender's discretion Charge a monthly fee in lieu of interest at the lender's discretion There are a number of partner organizations making loans pursuant to the Promise Loan Program.
These organizations serve different communities and areas of the state. The following organizations are accepting applications, based on region. Below is the Organizations that are participating in the PROMISE Loan Program and the contact information: Initiative Foundation (IF) Metropolitan Economic Development Association (MEDA) 1256 Penn Avenue N, Suite 4800 202 W.
Superior Street, Suite 800 Northwest Minnesota Foundation (NWMF) Southern Minnesota Initiative Foundation (SMIF) Southwest Initiative Foundation (SWIF) West Central Initiative Foundation(WCIF For questions or a referral to a partner organization, contact Shaval Crooms, 651-259-7411 or shaval. crooms@state. mn.
us.
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According to the current listing, eligibility includes: See the Minnesota grants portal for complete eligibility requirements. Confirm the full requirements in the official notice before applying.
Promise Loan Program is funded by Minnesota Dept. of Employment & Economic Development. 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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