mn promise act grant

MPLS Grant Map

summary

The MN Promise Act program, funded by the state, has set aside $72 million for grants and $22 million for loans. This initiative is specifically tailored to support the growth and revitalization endeavors of small businesses in Minnesota. To qualify for loans, businesses should have gross annual revenues of $1 million or less, as evidenced by their 2021 tax returns. Similarly, grants are available for businesses with gross annual revenues of $750,000 or less in 2021. Eligible businesses must be located within designated neighborhoods of Minneapolis and Saint Paul or actively conducting operations in these areas.

eligibility

N

Have primary business operations located in the State of Minnesota

N

Reside in one of the selected neighborhoods of Minneapolis & Saint Paul

N

Be registered with the Minnesota Secretary of State (except self-employed individuals)

N

Have gross annual revenue of $750,000 or less based on 2021 taxes

N

Able to submit two years of tax returns (2021 and 2022)

grant amounts     

 

 

N

iF ANNUAL GROSS REVENUE IS up to $100,000 ➡️ UP TO $10,000 GRANT

N

IF ANNUAL GROSS REVENUE IS between $100,001 and $350,000 ➡️ UP TO $25,000

N

IF ANNUAL GROSS REVENUE IS between $350,001 and $750,000 ➡️ UP TO $50,000

select neighBORHOODs

Refer to this interactive google map for select neighborhoods in Minneapolis.

Refer to this interactive google map for select neighborhoods in St. Paul.

 

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