The Initiative Foundation is pleased to announce $1.1 million in grants for small businesses in Central Minnesota.
Thanks to the new PROMISE Act funded by the the Minnesota Legislature, one-time grants ranging from $10,000 to $50,000 will be awarded to businesses to invest in existing operations or planned growth.
We anticipate opening the application in early March.
This program is not first-come, first-served; apply anytime before the deadline. Applicants will be able to access free technical support in preparing for and applying to this program. Awards will be announced and delivered in May. These grants will be competitive; not all businesses can expect to receive one.
This program drives fair economic recovery in our region by boosting small, rural, and minority-owned businesses, which face the largest barriers to accessing capital and resources. Thanks to the Minnesota Legislature’s investment, the Initiative Foundation will offer this program again in 2025. Flexible, low-interest loans also are available to qualifying businesses.
Businesses with $750,000 or less in gross revenue, and located in the Initiative Foundation’s region of 14 counties and two Native nations, are eligible to apply.
Priority will be given to businesses that …
- received less than $10,000 in pandemic relief grants from the government, and/or
- had a 10 percent or greater decrease in gross revenue, or a 10 percent or greater reduction in net income, in 2022.
Additional consideration will be given to businesses that meet any of the following criteria:
- Located in a community or rural area of less than 10,000 population
- BIPOC majority-owned
- Majority-owned by women or veterans
- Can provide a business plan and financial projections that support continued operations
Businesses can use funds for all regular current or past-due expenses, such as working capital, payroll, rent or mortgage, utilities, equipment, inventory, and more. Business can also invest in delayed repairs, upgrades, equipment, or areas of growth.