MN PROMISE Act
Helping disadvantaged businesses reach their full potential.
What is the MN PROMISE Act?
The Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act is a new small business revitalization program that will provide grants and loans to disadvantaged businesses located in certain areas of Minneapolis, Saint Paul and greater-Minnesota.
To read the PROMISE Act bill in its entirety click here.
What programs are offered?
Grant Program
Budget
A total of $86,480,000 million dollars will be awarded to eligible applicants for business repositioning or growth.
Eligible Uses:
Working capital
Payroll expenses
Rent or mortgage payments
Utility bills
Equipment
Other expenses that occur in the regular course of business.
Minneapolis - Saint Paul Grant Program
Total Program Fund: $72,280,000 ($36,140,000 / year)
Program Partner: Neighborhood Development Center (NDC)
Application Status: Under Construction - Opening Spring 2024
Greater-Minnesota Grant Program
Program Partners: Minnesota Initiative Foundations
For more information on the Greater Minnesota program, visit DEED’s resource page.
Loan Program
Budget
A total of $28,080,000 million dollars will be awarded to eligible applicants for approved business projects.
Eligible Uses:
Site acquisition
Site preparation
Building construction
Infrastructure
Landscaping
Other eligible capital improvement costs
Minneapolis - Saint Paul Loan Program
Total Program Fund: $22,080,000
Program Partner: Metropolitan Economic Development Association (MEDA)
Application Status: Open - Accepting Pre-Applications
Greater-Minnesota Loan Program
Program Partners: Minnesota Initiative Foundations
For more information on the Greater Minnesota program, visit DEED’s resource page.
Watch to Learn More
Minneapolis - Saint Paul information session on the 2024 MN PROMISE Act grant and loan program
Having trouble with the video above? You can also watch it on our YouTube channel.