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Promise Loan Program

SOUTHWEST INITIATIVE FOUNDATION

Foundation Rolling (Quarterly) Community Development GrantsGrants for Women-Owned BusinessesGrants for Veteran-Owned BusinessesGrants for Minority-Owned Businesses
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Funding Amount

Varies

Deadline

Rolling / Open

Grant Type

foundation

Overview

Promise Loan Program

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:
    1. Contact Amy Woitalewicz, SWIF Business Finance Director
    2. Discuss project scope and eligibility
    3. 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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    Focus Areas & Funding Uses

    Fields of Work

    community-developmentwomen-owned-businessesveteran-businessesminority-businessesnonprofits

    Categories

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    Community Development GrantsGrants for Women-Owned BusinessesGrants for Veteran-Owned BusinessesGrants for Minority-Owned BusinessesGrants for Nonprofits

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