skip to content
Primary navigation

Promise Act Grant Program

Overview

Interested applicants should apply directly through our partner organizations listed below. Application periods vary depending on the partner organization. Please see their website for up-to-date application information.

The Minnesota Department of Employment and Economic Development (DEED) will oversee the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act approved by the Minnesota State Legislature and signed into law by Gov. Tim Walz.

This program, through a series of statewide partner organizations, will award grants to eligible businesses in specific communities. A total of $86,480,000 million will be awarded as grants in multiple rounds.

Grant 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.

Technical assistance will be available to assist with submitting an application.

  • Eligibility

    Eligible businesses will:

    • Be able to demonstrate they have been established in 2021 or earlier based on their 2021 tax filing information.
    • Have primary business operations located in the State of Minnesota
    • Be located in a community that has been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification
    • Be registered with the Minnesota Secretary of State, if required by Minnesota State Law
      • Sole proprietors operating their business under their own name do not need to be registered with the Secretary of State
    • Have gross annual revenue of $750,000 or less based on 2021 taxes and their most recent completed tax year.
    • Maintain ongoing operations as of the date of application

    Businesses will be awarded grant funds based on gross annual revenue in the prior year taxes.

    • Businesses with gross annual revenue in the prior year of $100,000 or less can receive up to $10,000
    • Businesses with gross annual revenue in the prior year of more than $100,000 but no more than $350,000 can receive up to $25,000
    • Businesses with gross annual revenue in the prior year of more than $350,000 but no more than $750,000 can receive up to $50,000

    For the purposes of this grant program, business means both for-profit businesses and nonprofit organizations that earn revenue in ways similar to businesses. To be eligible, non-profits must meet at least one of the two definitions of an eligible non-profit:

    • Definition A: A nonprofit organization that earns 30% or more of their revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses.
    • Definition B: A nonprofit organization that earns 10% or more of their revenue on an ongoing basis through a non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses AND demonstrate they maintain ongoing customer-facing operations at a permanent physical location at which some of those sales take place.
back to top