2024 PROMISE Act Grants Available to Empower Local Small Businesses

The Minnesota Legislature has rolled out the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act to invigorate the economic landscape. Administered in Central Minnesota by the Initiative Foundation, including Todd County, the grant application is open through 4 p.m. on April 10. The Initiative Foundation will award over $1 million during this round of grant-making. Learn more at ifound.org.

A Game-Changer for Todd County Businesses

The 2024 PROMISE Act provides one-time grants ranging from $10,000 to $50,000 to drive fair economic recovery by boosting small, rural, and minority-owned businesses, which face the most significant 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.

Navigating the Application Process

Applicants must submit their proposals before the April 10 deadline to ensure careful consideration and evaluation. Free technical support is available to assist applicants in navigating the process, ensuring that every eligible business has a fair chance at securing a grant. The APPLICATION is located at the link below:
https://www.grantinterface.com/sl/9Z8pmS

Who Qualifies for PROMISE Act Grants?

Businesses with gross revenues of $750,000 or less located within the Initiative Foundation's region, comprising 14 counties and two Native nations, are eligible to apply. Priority will be given to businesses that have faced significant challenges, including a decrease in revenue or net income from 2021 to 2022 or those that have received minimal pandemic relief grants. Moreover, additional consideration will be extended to businesses located in rural areas, BIPOC-majority-owned ventures, and those led by women or veterans.

A Boost for Economic Recovery

PROMISE Act grants catalyze fair economic recovery, benefiting small, rural, and minority-owned businesses that often encounter barriers in accessing capital and resources. With funds allocated for various expenses, including working capital, payroll, rent or mortgage, utilities, equipment, inventory, and more, businesses can chart a path toward sustainable growth and resilience.

PROMISE Act Grants Frequently Asked Questions

With whom do I apply for PROMISE Act Grants?

• Eligible businesses must apply through the designated organization serving their region. In Todd County and Central Minnesota, the Initiative Foundation is the designated entity overseeing the distribution of these grants.

What documents are required for the application?

• Applicants should have essential documents ready, including government-issued identification, proof of business address, and business tax returns for 2021 and 2022.

Are nonprofits, churches, and faith-based organizations eligible?

• Nonprofits and similar organizations can apply if they derive at least 30% of their revenue from business-like activities, aligning with the criteria outlined for eligibility.

The FAQ is located at the link below:
https://ifound.box.com/v/Promise-Act-FAQ

The following support is available to the Chamber, EDA, and applicants:

General support

• Haakon** Lehn – hlehn@ifound.org or 320-412-5155

As Todd County businesses gear up to seize this opportunity, the PROMISE Act grants stand poised to transform the aspirations of businesses into achievements, driving sustainable growth and fostering a vibrant entrepreneurial ecosystem in the heart of Minnesota.