West Central Initiative is partnering with the Minnesota Department of Employment and Economic Development (DEED) to distribute PROMISE Act Grants to businesses in west central Minnesota.
Donor Name: West Central Initiative
State: Minnesota
County: Becker County (MN), Clay County (MN), Douglas County (MN), Grant County (MN), Otter Tail County (MN), Pope County (MN), Stevens County (MN), Traverse County (MN), Wilkin County (MN)
Type of Grant: Grant
Deadline: 05/31/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The PROMISE Act grant program was created by the Minnesota Legislature in 2023 to support small businesses and nonprofits that did not receive state grants during the pandemic.
The Providing Resources and Opportunity and Maximizing Investments in Striving Entrepreneurs (PROMISE) Act, which was approved by the Minnesota State Legislature and signed into law by Governor Tim Walz, will award grants to eligible businesses and nonprofits in specific communities.
Grant funds can be used for working capital to support payroll expenses, rent or mortgage payments, utility bills, equipment, and other similar expenses that occur in the regular course of business.
Funding Information
Businesses and nonprofits will be awarded grant funds based on gross annual revenue in the prior year.
- Businesses and nonprofits with gross annual revenue in the prior year of $100,000 or less can receive $10,000.
- Businesses and nonprofits with gross annual revenue in the prior year of more than $100,000 but no more than $350,000 can receive $25,000.
- Businesses and nonprofits with gross annual revenue in the prior year of more than $350,000 but no more than $750,000 can receive $50,000.
Eligibility Criteria
Eligible businesses or nonprofits will:
- Have primary operations located in Becker, Clay, Douglas, Grant, Otter Tail, Pope, Stevens, Traverse, or Wilkin Counties or the portion of White Earth Nation in Becker County.
- Be located in a community that has been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification.
- Be registered with the Minnesota Secretary of State if required by Minnesota State Law.
- Sole proprietors operating their business under their own name do not need to be registered with the Secretary of State.
- Have a gross annual revenue of $750,000 or less based on 2021 or 2022 taxes.
- Maintain ongoing operations as of the date of application.
For more information, visit WCI.
