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    NMF: Promise Act Grant

    From The Northwest Minnesota Foundation

    The Northwest Minnesota Foundation invests resources, facilitates collaboration and promotes philanthropy to make the region a better place to live and work.

    Type of Support

    Overview

    The PROMISE Act grant program offers financial support to businesses and nonprofits in Northwest Minnesota, aiming for equitable economic recovery. Funded by the Minnesota Legislature with a $2.3 million budget, it targets small, rural, and minority-owned businesses facing high barriers to accessing capital. Grants up to $50,000 will cover working capital needs such as payroll, rent, mortgage, utility bills, and equipment expenses. The award process is competitive and not first-come, first-served, with expectations of high demand and a randomized selection method for awardees. Award amounts vary based on the business's gross revenue, with specific caps based on financial thresholds. Applicants also have access to free technical support during the application process.

    Eligibility

    Organization's Location
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    Program Location
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    Organization Type
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    Organization Budget And Years
    Organization's annual budget is between -1 and -1
    Other
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    Submission

    Review Criteria

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