Minnesota PROMISE Act Funding to Support Disadvantaged Small Businesses is Becoming Available
March 27, 2024
Applications for the first round of funding from the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act are becoming available from the Neighborhood Development Center (NDC), the Minnesota Initiative Foundations and the Metropolitan Economic Development Association (MEDA).
The Minnesota PROMISE Act, created by the Minnesota Legislature in 2023, establishes two programs – PROMISE Act Grants and PROMISE Act Loans – that provide financial support for small businesses located in legislatively-designated communities and neighborhoods that have 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.
