Promise Act Grants for Businesses

The Promise Act Grants aim to boost economic recovery for small businesses in Northeast Minnesota facing capital access issues, population decline, or lack of diversification. Funded by the Minnesota Legislature, these competitive grants range from $10,000 to $50,000 to support existing operations or planned growth. Eligibility includes businesses with gross revenues under $750,000 and specific pandemic relief criteria, fostering resilience and sustainability in the region.

NOTE: This program is not first-come, first-served; apply any time by the deadline. These grants will be competitive as grant funds are limited and not all businesses can expect to receive one.
This program looks to drive economic recovery in our region through grants to small businesses in Northeast Minnesota experiencing lack of access to capital, loss of population or an aging population, or a lack of regional economic diversification.
The PROMISE Act is funded by one-time allocation from the State of Minnesota Legislature in partnership with the Minnesota Department of Employment and Economic Development (DEED). Grants can range from $10,000 to $50,000 and will be awarded to businesses to invest in existing operations or planned growth. Grant awards will be limited and approved on a competitive basis.

Eligibility

Service area covers the 7-county region of Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis, and all or parts of the five Native Nations of Bois Forte Band of Chippewa, Fond du Lac Band of Lake Superior Chippewa, Grand Portage Band of Lake Superior Chippewa, Leech Lake Band of Ojibwe (District I), and Mille Lacs Band of Ojibwe (District II).Businesses with $750,00 or less in gross revenue (based on the specified taxes).Either did not receive pandemic relief grants from the State of Minnesota, or received $10,000 or less in the following pandemic relief grants from the State of Minnesota:Minnesota Small Business Loan Guarantee
Minnesota Business Relief PaymentsAND/OR
Experienced 10% or greater decrease in gross revenue, or any reduction in net income, in the specified year as compared to this year.Tax documents for these years will need to be uploaded to verify.
If you were not in business in the prior year but were in following year, you can still apply.Businesses must be registered with the Minnesota Secretary State, if required by Minnesota State Law (sole proprietors operating their business under their own name do not need to be registered with the MN Secretary of State).
Nonprofits earning revenue in similar fashion to a for-profit business can apply.Use of Funds:Funds can be used for working capital to support payroll expenses, rent or mortgage payments, utility bills, equipment and other similar expenses that occur in the regular course of business.