Apply now for MN PROMISE Act Grants

 Apply now for MN PROMISE Act Grants 

Round 2 of the MN PROMISE Act Grants program is officially open, this is your chance to access state-backed funding and support to strengthen your small business. 

What is MN PROMISE? 
MN PROMISE (Providing Resources & Opportunity while Maximizing Investments in Striving Entrepreneurs) is a state-funded revitalization program designed to uplift disadvantaged businesses in North and South Minneapolis, Saint Paul, and eligible Greater Minnesota areas.  

MN Promises consists of multiple funding opportunities: 

• Metro Grant Program: $72 million in grants for qualifying businesses in Minneapolis and Saint Paul (delivered via Neighborhood Development Center).
• Metro Loan Program: $22.2 million in loan funds, administered by the Metropolitan Economic Development Association (MEDA), for eligible metro businesses.
• Greater Minnesota Programs: Grant and loan programs via Minnesota Initiative Foundations and regional partners in non-metro areas. 

Eligibility and applications 

• Your business must be in the eligible geographic area (Minneapolis, Saint Paul, or qualifying greater Minnesota zones). Use the map on the MN PROMISE site to check your address. 
• You must submit your most recent tax return (2023 or 2024) showing gross annual revenue of $750,000 or less. 
• If your revenue dropped 10% or more from 2023 to 2024, that may give your application a boost (preference score).
• Be aware: DEED has recently updated eligibility rules, check the DEED website for the latest criteria. 

Apply today via the MN Promise Application portal.