PROMISE Act Grants for Small Businesses
Citizens Bank Minnesota has been informed that the Southern Minnesota Initiative Foundation (SMIF) through a partnership with the Minnesota Department of Employment and Economic Development (DEED), will award $1.1 million in competitive grants to businesses in southern Minnesota to invest in existing operations or planned growth. The PROMISE Act Grant is a statewide program with multiple partners accepting applications throughout Minnesota. SMIF is one of six Minnesota Initiative Foundations (MIFs) that will accept applications through this program, in addition to the Neighborhood Development Center, which will accept applications in certain areas of the Twin Cities metro.
Grant awards will range from $10,000 to $50,000 and 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.
Grant awards will be limited and approved on a competitive basis. Not all eligible businesses will receive a grant. Primary business operations must be located in SMIF’s region, which includes 20 counties and one Native nation. Businesses must earn $750,000 or less in gross revenue (based on 2021 taxes) to be eligible. Additional eligibility requirements are listed on SMIF’s website.
The grant cycle opens March 27, 2024, and will close on April 24, 2024. For the application and guidelines visit smifoundation.org/promise. Contact Melissa Langer (melissal@smifoundation.org) or Brian Conzemius (brianc@smifoundation.org) with questions.
For businesses that are not located in SMIF’s region, please consult the following website to determine who to contact for this program: https://mn.gov/deed/business/financing-business/deed-programs/promise-grant/.
The link below is where customers can find more information and also where to apply.
PROMISE Act Grants – Southern Minnesota Initiative Foundation (smifoundation.org)
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