How much funding does Promise Loan Program provide?

The listing does not state a funding amount. Check the funder's announcement for specifics.

When is the deadline for Promise Loan Program?

Applications are accepted on a rolling basis.

How often is Promise Loan Program offered?

Promise Loan Program accepts applications on a rolling basis.

Promise Loan Program

Foundation Rolling (Quarterly) Community Development Grants Grants for Women-Owned Businesses Grants for Veteran-Owned Businesses Grants for Minority-Owned Businesses

Funding Amount

Not stated

Deadline

Rolling (quarterly review)

Grant Type

Foundation

Deadline history & next window

Cycle: Rolling — applications accepted year-round
Tracked since: April 2026

Source: the cycle recorded on this listing. Confirm dates with the funder.

Can we apply?

Check your organization against each line. Taken from the listing; confirm with the funder's guidelines.

Other requirements

Development, redevelopment, demolition, site preparation
Predesign, design, engineering
Repair, land acquisition, relocation, renovation of real property
Capital improvements

Overview

Program Type: Loan program for economic development projects

Funder: Minnesota Department of Employment and Economic Development (DEED)

Administrator: Southwest Initiative Foundation (SWIF)

Geographic Scope: 18 counties and 2 Native nations of southwest Minnesota

Loan Eligibility:

Businesses
Nonprofits
Developers
Preferred: Women-led, veteran-led, or BIPOC (Black, Indigenous, People of Color) developers

Target Communities: Communities adversely affected by:

Structural racial discrimination
Civil unrest
Lack of access to capital
Loss of population
Aging population
Lack of regional economic diversification

Eligible Uses:

Development, redevelopment, demolition, site preparation
Predesign, design, engineering
Repair, land acquisition, relocation, renovation of real property
Capital improvements
Construction of buildings, infrastructure
Site amenities, landscaping, street-scaping

Program Created: 2023 Minnesota legislature

Contact:

Amy Woitalewicz, SWIF Business Finance Director
Email: Amy Woitalewicz
Phone: (320) 583-9203
Address: 15 3rd Avenue NW, Hutchinson, MN 55350

Background: SWIF is one of several partner organizations working with DEED across Minnesota. Additional restrictions and guidelines apply per State of Minnesota requirements.

How to Apply

Application Process

How to Apply:

Contact Amy Woitalewicz, SWIF Business Finance Director
Discuss project scope and eligibility
Follow SWIF application procedures for loan requests

Contact Information:

Name: Amy Woitalewicz, SWIF Business Finance Director
Phone: (320) 583-9203
Address: 15 3rd Avenue NW, Hutchinson, MN 55350

Required Information:
Applicants should be prepared to discuss their project details, community location, target population served, and how the project aligns with program goals of supporting inclusive economic growth.

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What Southwest Initiative Foundation actually gave

Source: IRS Form 990, 2025

Grants in 2025: 166
Total given: $4.86M
Median grant: $15K
Range: $5,045–$343K

By dollars: Minnesota >99%, South Dakota <1%, Illinois <1%. Top recipient cities: Willmar, MN; Marshall, MN; Worthington, MN.
<1% of grants with a stated purpose were for general or operating support.
65% of recipients were new grantees, not repeat recipients.

Example grants

ISD #466 - Dassel-Cokato · Cokato, MN

Dc charger robotics, industrial technology department

$343K
City of Marshall · Marshall, MN

Marshall aquatic center project, welcoming week event

$323K
City of Tracy · Tracy, MN

Tracy central park improvements, tracy community center

$212K
Little Huskies Learning Center · Jackson, MN

Lhlc - security system, lhlc- remick loan support, lhc- facility renovations

$190K
Wallin Education Partners · Saint Paul, MN

2024-25 yellow medicine east scholarships

$134K