PROMISE Act Grants

The application for 2024 PROMISE Act grants closed on April 10, 2024, and all grantees have been notified.

The Initiative Foundation anticipates doing a second round of PROMISE Act grants in late 2024 or early 2025. Funded by the Minnesota Legislature and administered by the Minnesota Department of Employment and Economic Development (DEED), PROMISE Act grants ranging from $10,000 to $50,000 are being awarded to businesses to invest in existing operations or planned growth. This is a very competitive grants process. Not all who apply can expect to receive a grant.

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Learn more about the Initiative Foundation’s business services and subscribe to our small business and economic development newsletter to receive news, information and updates about workshops, training opportunities and granting initiatives. Small business owners can also visit our support page to complete an interest form for one-on-one guidance or to request access to FREE online, on-demand business training courses.

PROMISE Act Grants

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.

The application closes at 4 p.m. on April 10. Apply here.

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.

The Details

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 any reduction in net income, from 2021 to 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 20,000 population
  • BIPOC majority-owned
  • Majority-owned by women or veterans
  • Can provide a plan for using the grant 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.

Read the frequently asked questions for more information.

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Learn More About the PROMISE Act Grants

English-language Video

Donniel Robinson shares information on the PROMISE Act grants in English.

Somali-language Video

Ismail Mohamed shares information on the PROMISE Act grants in Somali.

Spanish-language Video

Mariana Scott shares information on the PROMISE Act grants in Spanish.

Contact Us for Questions & Support

If you have a question about the PROMISE Act grants, reach out. We’re happy to help. We can also connect you with assistance should you need support completing the grant application.

Haakon Lehn

Haakon Lehn

Entrepreneurship Programs Coordinator (320) 412-5155
Ali Alinur

Ali Alinur

Somali-language PROMISE Act Grant Provider
Ahmed Mohidin

Ahmed Mohidin

Somali-language PROMISE Act Grant Provider
Mariana Scott

Mariana Scott

Spanish-language PROMISE Act Grant Provider