The Southwest Initiative Foundation (SWIF) will administer the PROMISE Act Grant program for small businesses in southwest Minnesota located within its service area.
Donor Name: Southwest Initiative Foundation
State: Minnesota
County: Selected Counties
Type of Grant: Grant
Deadline: 06/24/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: 1 Year
Details:
Competitive from the Minnesota Department of Employment and Economic Development (DEED) to organizations that have been adversely affected by lack of access to capital, loss of population or an aging population, structural racial discrimination, civil unrest, and/or lack of regional economic diversification. The most competitive applicants have experienced economic hardship and did not receive significant COVID-19 relief funding of more than $10,000 from the State of Minnesota.
Priority Criteria
- Business either did not receive pandemic relief grants from the State of Minnesota, or received $10,000 or less in the following pandemic relief grants from the State of Minnesota:
- Minnesota Small Business Loan Guarantee
- Minnesota Small Business Relief Grants
- Minnesota Main Street COVID-19 Relief Grants
- Minnesota Business Relief Payments AND/OR
- Experienced 10% or greater decrease in gross revenue, or any reduction in net income, in 2022 as compared to 2021. Tax documents for 2022 and 2021 will need to be uploaded to verify. If you were not in business in 2021 but were in 2022, you can still apply.
Funding Information
Competitive grants range between $10,000 to $50,000.
Eligiblity Criteria
- Business must have a primary business operating within the SWIF’s service area which includes the counties of Big Stone, Chippewa, Cottonwood, Jackson, Kandiyohi, Lac qui Parle, Lincoln, Lyon, McLeod, Meeker, Murray, Nobles, Pipestone, Redwood, Renville, Rock, Swift and Yellow Medicine; and Pezihutazizi Oyate (Upper Sioux Community) and Cansayapi Oyate (Lower Sioux Indian Community).
- Home based businesses are eligible to apply, so long as at least 50% of the employees are based in Minnesota.
- Sole proprietors are also eligible to apply but will be required to demonstrate business income sources separately from other sources of income.
- Businesses not operating within the SWIF region should review the DEED website to determine which organization to apply through, as this is a statewide program with different organizations administering in various regions.
- Business owner(s) and any directors or officers have not been convicted of a crime related to any state law.
- Business is in good standing with the Department of Revenue.
- Businesses with $750,00 or less in gross revenue (based on 2021 and 2022 taxes).
- Have a minimum of $10,000 in revenue in 2022.
- Businesses must 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 Minnesota Secretary of State.
- Nonprofits operating like a for-profit business, earning 30% or more of revenue on an ongoing basis through non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses.
- Definition of “business-like” revenue that counts toward meeting the 30% threshold includes: program service revenue, membership dues, unrelated or other business income. Revenue that does not count towards meeting the 30% revenue includes: contributions, gifts or grants; fundraising events; asset sales; investment income.
- Business is operating as of the application date and can produce documents of ongoing operations. This can include recent invoices, payroll records, current lease or other business activity
For more information, visit SWIF.
