SMIF: Promise Act Grant

SMIF: Promise Act Grant

Status: ACTIVE
Funder: Southern Minnesota Initiative Foundation
Amount: US $10,000 - US $50,000
Last Updated: November 02, 2025

Summary

The Southern Minnesota Initiative Foundation (SMIF) is offering the Promise Act Grant, providing $1.1 million to support small businesses in south central and southeastern Minnesota. Grants ranging from $10,000 to $50,000 will help businesses facing economic challenges such as lack of access to capital or population decline. This program aims to stimulate regional economic recovery and diversification, funded by a one-time allocation from the Minnesota Legislature.

Overview

NOTE:  This program is not first-come, first-served; apply any time before the deadline. Promise Act Grant Southern Minnesota Initiative Foundation (SMIF) is pleased to announce $1.1 million in grants for small businesses in south central and southeastern Minnesota that are located within it’s service area which includes 20 counties and one Native nation. This program looks to drive economic recovery in our region through grants to small businesses in south central and southeastern 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

You can learn more about this opportunity by visiting the funder's website. Have primary business operations located in SMIF’s service area which includes 20 counties and one Native nation (Proof of MN residency for owner 20% or greater).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 Small Business Relief Grants Minnesota Main Street Covid-19 Relief Grants 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.