About the MN PROMISE Act
The MN PROMISE Act loan and grant program to support disadvantaged small businesses located in certain neighborhoods around Minnesota.
This program funding was approved by the Minnesota State Legislature and signed into law by Governor Tim Walz during the 2023 legislative session. The Minnesota Department of Employment and Economic Development (MN DEED) is responsible for overseeing this statewide program. This program, through a few CDFI statewide partner organizations, will offer access to grants and loans to eligible businesses in specific communities.
This state funded program is focused on distributing grants and loans to support the growth and repositioning of Minnesota small businesses who are located, or who operate in neighborhoods / communities that have been adversely affected by:
Structural racial discrimination
Civil unrest
Lack of access to capital
A loss of population
An aging population
A lack of regional economic diversification
Specific neighborhoods in Minneapolis, Saint Paul and greater-Minnesota have been selected as eligible for this funding based on the above criteria by MN DEED in partnership with community organizations.
About Program Partners
MEDA fulfills its mission by providing integrated, wrap-around services in the three areas all entrepreneurs need to succeed. Management Education, Money and Market. In our first fifty years, MEDA has served more than 25,000 BIPOC Entrepreneurs.
At Neighborhood Development Center, we believe in the power, drive and daring of local entrepreneurs who transform their lives and revitalize their neighborhoods. We provide the tools and resources entrepreneurs need to help realize their dreams.
The six Minnesota Initiative Foundations (MIFs) are strong, independent entities that are built to respond to regional needs and opportunities. Each foundation serves its rural region with unique grants, business loans, programs and donor services. Together, we reach every corner of Greater Minnesota.
The Minnesota Department of Economic Development (MN DEED) facilitates an economic environment to produce jobs and improve the quality of the state’s workforce to empower the growth of the Minnesota economy for everyone.