Application for PROMISE Act Grants Open Through Sept. 15

The Initiative Foundation today announced the opening of its application for PROMISE Act grants, offering financial support to small businesses across Central Minnesota. With grants ranging from $10,000 to $50,000, the program aims to assist businesses that may have missed out on state relief during the pandemic.

Created by the Minnesota Legislature in 2023, the PROMISE Act grant program is designed to help stabilize and grow small businesses. Eligible businesses must be located within the Initiative Foundation’s 14-county and two-Native nation region, and have reported $750,000 or less in gross revenue in their prior taxable year. Priority will be given to businesses that received $10,000 or less in previous state pandemic relief, can demonstrate a 10 percent or more decrease in gross revenue or any decrease in net income, and were operational in 2021.

Grant amounts are tiered based on the most recently completed tax year’s gross revenue:

• $10,000 grant: For businesses with $10,000 to $100,000 in gross revenue.
• $25,000 grant: For businesses with $100,001 to $350,000 in gross revenue.
• $50,000 grant: For businesses with $350,001 to $750,000 in gross revenue.

“This is a tremendous opportunity for Central Minnesota small businesses, particularly those with gross revenues of $750,000 or less, to secure vital funding for working capital, payroll, equipment, or much-needed repairs,” said Zach Tabatt, Initiative Foundation vice president for economic opportunity. “However, it’s crucial for applicants to understand that this is a high-demand program, with most—if not all—grants going to businesses that meet the highest priority. ”

The application process is entirely online and is expected to take 30 to 60 minutes for business owners with their documents ready. A ‘save and complete later’ option is available. Free technical support is also available.

Important Dates:

• Application Deadline: Noon on Sept. 15, 2025 (not first-come, first-served).
• Notification: All applicants can expect to be notified by the end of November 2025.
• Awards: Approved grant recipients can expect to receive payment by Dec. 31, 2025.

Dates may be subject to change.

Businesses are encouraged to read the frequently asked questions document for details. For application support or more information, please send an email to [email protected].