The Initiative Foundation has announced the PROMISE Act grants offering financial support to small businesses across Central Minnesota.
Donor Name: Initiative Foundation
State: Minnesota
County: Selected Counties
Type of Grant: Grant
Deadline: 09/15/2025
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
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.
Highest Priority
- Businesses that meet all of the below criteria have the highest chance of being chosen.
- Businesses that received $10,000 or less in pandemic relief grants from the state.
- Businesses that can show a 10% or more decrease in gross revenue or any decrease in net income.
- Businesses that were in operation in 2021.
Funding Information
The grant amount you could receive depends on your gross revenue from the most recently completed tax year:
- $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.
Eligibility Criteria
- Businesses with $750,000 or less in gross revenue in the prior taxable year and located in the Initiative Foundation’s region of 14 counties and two Native nations are eligible to apply.
- Home-based businesses are not eligible for this program unless they meet all other
requirements and they took the home-office deduction in the prior tax year.
For more information, visit Initiative Foundation.
