The Minnesota Legislature has awarded the Northwest Minnesota Foundation $2.3 million to fund grants for businesses and nonprofits in Northwest Minnesota.
Donor Name: Northwest Minnesota Foundation
State: Minnesota
County: Selected Counties
Type of Grant: Grant
Deadline: 04/30/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Minnesota Legislature has awarded the Northwest Minnesota Foundation $2.3 million to fund grants for businesses and nonprofits in Northwest Minnesota. The PROMISE Act funding will provide one-time grants up to $50,000 to selected businesses and nonprofits to 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. This program drives fair economic recovery by boosting small, rural, and minority-owned businesses, which face the largest barriers to accessing capital and resources.
Funding Information
For round one, award amounts will be based on the 2022 tax year and will not exceed the following amounts:
- Up to $10,000 for businesses with a gross revenue of $100,000 or less
- Up to $25,000 for businesses with a gross revenue of more than $100,000 but no more than $350,000
- Up to $50,000 for businesses with a gross revenue of more than $350,000 but no more than $750,000
Geographic Area
Small businesses and 501c3 nonprofits located within the Northwest Minnesota Foundation service area that includes Red Lake Nation, White Earth Nation, and 12 counties (Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau). The primary business operation must be located within this service area.
Eligibility Criteria
To be eligible to be considered to receive a PROMISE Grant an applicant must meet all the following minimum requirements:
- Be a for-profit business or a nonprofit organization that earns revenue in ways similar to a business. (Eligible nonprofits earn 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. “Business like” revenue that counts towards meeting the 30% threshold: program service revenue, membership dues, unrelated or other business income. Revenue that does not count towards the 30% threshold: contributions, gifts, grants, fundraising events, asset sales, investment income.)
- 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.
- Have a gross annual revenue of $750,000 or less based on 2022 taxes.
- Have a minimum of $10,000 in revenue based on 2022 taxes.
- The business maintains ongoing operations in 2024 as of the application date.
Additional consideration may be given to businesses that meet any of the following criteria:
- Businesses that provide details of how grant funds would be used for payroll, rent/mortgage, utilities, equipment, or other expenses.
- Businesses that provide a brief description of how these funds will support the success of the business.
- Businesses that demonstrate that they have been adversely impacted by: discrimination based on race/ethnicity, gender, veteran-status or disability of the owner; civil unrest; lack of access to capital; loss of population in your local community; aging population in your local community; lack of economic diversification in your local community.
- Businesses that are majority-owned (51%) by individuals who are Black, Indigenous, or People of Color; veterans; or women. (Nonprofits: 51% of the Board of Directors must be of these groups.)
For more information, visit Northwest Minnesota Foundation.