Reminder: Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Programs applications are open through June 30, 2024. These state-funded programs are designed to support disadvantaged small businesses and nonprofits in specific areas of Minneapolis and St. Paul through grants and loans.
The Neighborhood Development Center (NDC) will administer the PROMISE Grant program, while the Metropolitan Economic Development Association (MEDA) will manage the PROMISE Loan program. These programs will be delivered in collaboration with various community partner organizations. The State of Minnesota has allocated $72 million for PROMISE Act Grants and $22 million for PROMISE Act Loans, which will be distributed through NDC or MEDA to businesses within the community.
The grant funds are intended to cover a range of essential expenses, including, but not limited to, payroll, rent, mortgage payments, utilities, purchasing new or upgraded equipment, and Other routine operational expenses. The grant award is based on the annual revenue of 2022 or 2023, the later year of the two subsequent tax filings submitted.
Eligibility:
-Be an active nonprofit with primary operations in Minnesota with two years of tax returns. (2021, 2022 or 2022, 2023).
-Have an annual revenue of either $750,000 or less for the Grant Program or $1,000,000 or less for the Loan Program.
Eligible Nonprofits Will:
-Be in a community adversely affected by structural racial discrimination, civil unrest, lack of access to capital, loss of population, aging population, or lack of regional economic diversification.
- Be registered with the Minnesota Secretary of State.
Target Areas:
- West Broadway, Camden, or other North Minneapolis neighborhoods.
- Lake Street, 38th & Chicago, Franklin, Nicollet, & Riverside corridors of South Minneapolis.
- University Avenue, Midway, Eastside, or other St. Paul neighborhoods.
Please refer to the map at www.mnpromiseact.org for detailed boundaries as defined by the MN PROMISE Act law.
The application period will open on June 3rd, 2024, and close on June 30th, 2024.
For more information and to apply, please visit: https://lnkd.in/gCr-fjEz