Promise Act Grant Program PromiseGrants.DEED@state.mn.us
This program, through a series of statewide partner organizations, will award grants to eligible businesses in communities that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, loss of population or an aging population, or lack of regional economic diversification. The grants will be awarded 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. Interested applicants should apply directly through DEED partner organizations. Application periods vary depending on the partner organization. Please see their website for up-to-date application information. View the Partners/Service Area Tab Eligibility Eligible businesses will: • Have primary business operations located in the State of Minnesota • Be located in an eligible service area. See more info under the Service Area tab. • 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 the prior taxable year • Maintain ongoing operations as of the date of application • If the business location is the taxpayer's residence, the business must have claimed and been allowed the deduction for home office expenses in the prior taxable year. Businesses will be awarded grant funds based on gross annual revenue in the prior taxable year. • 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
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