About The Grant
The PROMISE Act grant program, initiated by the Minnesota Legislature in 2023, aims to assist small businesses in stabilizing and growing their operations. This grant is specifically designed for businesses located within the Initiative Foundation’s 14-county and two Native nation region, ensuring that support reaches those who need it most. The program plays a crucial role in fostering economic resilience and providing resources to help local businesses thrive.
Eligible businesses could receive grants ranging from $10,000 to $100,000, tailored to their gross revenue from the previous tax year. Those that demonstrate financial distress, such as a decline in revenue or those who received minimal pandemic relief, will be prioritized, thereby targeting support efficiently where it is most needed.
Important Details
- Application Deadline – September 15, 2025
- Link to Application – https://ifound.org/grants/promise-act-grants/
- Donor Name – Initiative Foundation
- State(s) – Minnesota
- Grant Duration – Grant Duration Not Mentioned
- Grant Amount – $10,000 to $100,000
- Qualification Criteria – Businesses must have $750,000 or less in gross revenue in the prior taxable year and must be located in the Initiative Foundation’s region of 14 counties and two Native nations. Home-based businesses are not eligible unless they meet all other requirements and took the home-office deduction in the prior tax year.
Taking Action
Latino small business owners are encouraged to apply for the PROMISE Act grants and take advantage of this valuable opportunity to support their business growth. Don’t forget to share this information within your network to help others benefit as well!
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