Who is Eligible

for a Grant or Loan?

This initiative is designed to bolster the development and repositioning efforts of small businesses in Minnesota. To be eligible for the MN PROMISE Act program in 2024 the applying business must meet three requirements:

Nonprofit-Specific Guidelines In addition to meeting all the above requirements, in order to qualify for this grant, nonprofit organizations must earn at least 10% of its total annual revenue through the sale of goods or services.

*Note: The State of Minnesota Department of Employment and Economic Development provided a limited amount of funding to the MN Promise Act program. There may not be sufficient funds to provide grants to all eligible applicants. If you receive an invitation to apply for a grant, it is not a guarantee that your business will receive an award.

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Active Minnesota business with two-years of state and federal tax returns: 2021 & 2022 or 2022 & 2023

A business who has gross annual revenues of $1,000,000 or less, for the loan program, and $750,000 or less, for the grant program, as indicated on the earlier year of submitted tax returns.

Businesses must be located in specific geographic areas of Minnesota

For more information on Greater Minnesota resources, visit MN DEED’s Resource page under ‘Partner/Service Area’.