ABOUT
The MN 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.
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. Through a few CDFI statewide partner organizations, this program 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 that are located or 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, and or 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.
“We know that entrepreneurs of color, immigrant entrepreneurs, and entrepreneurs in low-income communities have been left out of many funding opportunities since 2020. We are aiming for radical accessibility.”
Representative Hodan Hassan (DFL, South Minneapolis / District 62B)
Partner Organizations
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 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.
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.
Metro
Grant Program
Neighborhood Development Center (NDC) is distributing $72 million in grants to small businesses across North and South Minneapolis, and Saint Paul.
Metro
Loan Program
Metropolitan Economic Development Association (MEDA) is distributing $22 million in loans to small businesses across North and South Minneapolis, and Saint Paul.
Greater MN
Programs
Minnesota Initiative Foundations manages the greater-Minnesota grant and loan programs through six partner organizations, each serving a specific region.
What can grants be used for?
Working Captial
Utility Bills
Payroll Expenses
Rent or Mortgage Payments
Equipment
Other Regular Business Expenses