PROMISE Act Grants

The PROMISE Act Grants were established by the Minnesota Legislature in 2023 with the intent to support small businesses that did not receive state grant funding during the COVID-19 pandemic. This funding opportunity is available to small business owners located within the 14-county region and two Native nations served by the Initiative Foundation in Central Minnesota. The purpose of this initiative is to bolster economic recovery among under-resourced enterprises and encourage long-term sustainability and growth for businesses that experienced revenue loss or limited access to earlier state aid. Eligible businesses must have earned $750,000 or less in gross revenue during the most recently completed taxable year. Further priority is given to businesses that received $10,000 or less in state pandemic relief grants and that demonstrate either a 10 percent or more reduction in gross revenue or any decrease in net income. A key eligibility condition is that businesses must have been operational in 2021. These criteria are designed to ensure that support is directed toward the most impacted businesses that were overlooked in prior funding rounds. Grant amounts are tiered based on gross revenue from the most recent tax year. Businesses with gross revenue between $10,000 and $100,000 are eligible for a $10,000 grant. Those with revenues between $100,001 and $350,000 may receive $25,000. For businesses with gross revenues from $350,001 up to $750,000, the available grant amount is $50,000. It is emphasized that the process is highly competitive, and funding is not guaranteed even for eligible applicants. The application process is designed to be straightforward and accessible. Business owners are expected to complete the application in approximately 30 to 60 minutes if they have all necessary documentation prepared. A 'save and complete later' feature is included for convenience. Applications must be submitted no later than noon on Monday, September 15. The system will use applicants’ email addresses as the primary form of contact, and it is essential that business owners provide an address they check regularly to ensure receipt of follow-up requests or notifications. For support with the application or inquiries about the grant, applicants are instructed to email relief_funds@ifound.org. Due to high expected demand, all communications will be handled via email to streamline responses and manage the volume of inquiries effectively. This grant offers targeted economic relief for small businesses in Central Minnesota who were disproportionately excluded from previous funding. By providing clear guidelines, tiered funding levels, and streamlined application procedures, the PROMISE Act Grants aim to close the recovery gap and reinforce the state’s commitment to equitable economic support.

Use an email address you check regularly—this will be the primary way to contact you for follow-ups.