Southern Minnesota Initiative Foundation (SMIF) is pleased to announce $1.1 million in grants for small businesses in south central and southeastern Minnesota that are located within it’s service area which includes 20 counties and one Native nation.
Donor Name: Southern Minnesota Initiative Foundation
State: Minnesota
County: Selected Counties
Type of Grant: Grant
Deadline: 04/24/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The PROMISE Act is funded by one-time allocation from the State of Minnesota Legislature in partnership with the Minnesota Department of Employment and Economic Development (DEED).
This program looks to drive economic recovery in region through grants to small businesses in south central and southeastern Minnesota experiencing lack of access to capital, loss of population or an aging population, or a lack of regional economic diversification. This program is not first-come, first-served; apply any time before the deadline. These grants will be competitive; grants are limited, not all businesses can expect to receive one.
Funding Information
Grants can range from $10,000 to $50,000.
Use of Funds
- Businesses can use funds 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.
Program Requirements
- Have primary business operations located in SMIF’s service area which includes 20 counties and one Native nation. (Proof of MN residency for owner 20% or greater). If your business does not operate within SMIF’s region, please reference MN DEED’s website to determine which organization to apply through (this is a statewide program with different organizations supporting different regions of the state).
- Businesses with $750,000 or less in gross revenue (Based on 2021 Taxes).
- Either did not receive pandemic relief grants from the State of Minnesota, or received $10,000 or less in the following pandemic relief grants from the State of Minnesota:
- Minnesota Small Business Loan Guarantee
- Minnesota Small Business Relief Grants
- Minnesota Main Street Covid-19 Relief Grants
- Minnesota Business Relief Payments
Other Consideration will be given to:
- Located in a community or rural area of less than 20,000 population.
- BIPOC majority-owned (Black, Indigenous or People of Color)
- Majority-owned by women or veterans
- Located in an area with lack of access to capital, loss of population or an aging population, or lack of regional economic diversification.
- Can provide a plan for using the grant and financial projections that support continued operations.
For more information, visit SMIF.