MN Promise Act Loan Fund

The Providing Resources and Opportunity and Maximizing Investments in Striving Entrepreneurs (PROMISE) Act Loan Program is a new, state-funded program that will provide loans to disadvantaged small businesses located in certain areas of Minneapolis and St. Paul. 

Metropolitan Economic Development Association (MEDA) will administer the MN PROMISE Act Loan program for the Twin Cities, alongside community partner organizations.

How These Programs Work:

The State of Minnesota has allocated $24,000,000 for PROMISE Loans in the Twin Cities over two years. These funds will move from the State of Minnesota, through MEDA, and into the community. This funding is to be used for Capital Improvements such as buying buildings for your business and/or building renovation and expansion.

Eligibility Requirements (Eligibility does not guarantee MN PROMISE Act Loan funding.):

• Have primary business operations located in the state of Minnesota and must registered with the Secretary of State
• Be located in a community that has been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification.
• Less than $1,000,000 in revenue per year in 2021 and 2022

To receive a loan, a business must be located in one of these areas (Eligibility does not guarantee MN PROMISE Act Loan funding):

• West Broadway, Camden, or other North Minneapolis neighborhoods
• Lake Street, 38th & Chicago, Franklin, Nicollet, & Riverside corridors of South Minneapolis
• University Avenue, Midway, Eastside, or other St. Paul neighborhoods

For additional information regarding the MN Promise Act Loan Fund and FAQ, please click on this link: MN Promise Act Loan Fund