LEDC is excited to be an official Community Partner for The MN PROMISE Act!
The grant application portal will be opening Monday, June 3rd! Start your application by heading to the MN PROMISE Act website. Click on start application on the top menu. The application portal for Round 1 will be open until June 30, 2024. Requests for 1:1 Application support is available on a first-come, first-served basis until June 17, 2024.
Preparing to Apply
- Check out the event page to register for workshops that will walk you through everything you need to apply for a Minneapolis – Saint Paul PROMISE Act grant. Each workshop covers eligibility, application questions, and required documentation.
- This application worksheet will help you gather all the necessary documents and information you will need to apply.
What is the MN PROMISE Act?
Enacted by the Minnesota Legislature in June 2023 to help disadvantaged businesses reach their full potential, the MN PROMISE Act stands for Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs.
With the responsibility of disbursing $72,280,000 in PROMISE Act grants over 2024 and 2025, NDC has built on its longstanding mission of supporting small business owners, and meticulously prepared and hired a focused team to support this pivotal program. The grant money, according to the law, is available to eligible disadvantaged small-business owners and nonprofit organizations, and can be utilized for working capital, payroll expenses, rent or mortgage payments, utility bills, equipment, and other essential operational costs.
“Our team has been diligent in designing this program,” said NDC President and CEO Renay Dossman. “We’ve done this arm in arm with over two dozen community partner organizations who are equally committed to this work. We are thrilled to launch this grant round and to focus on supporting as many disadvantaged small business owners as possible. From day one, the NDC team has been grounded in our guiding principles and committed to being exceptional stewards of these dollars. We’ve built the application portal with transparency, accessibility, and equity in mind while maintaining rigorous safeguards to protect against fraud and abuse. We know that the impact of this funding will be transformative for those who receive it. We will continue to advocate for entrepreneurs to help fulfill the true promise of this opportunity.”
To qualify for the MN PROMISE Act grant programs, businesses must meet specific criteria:
- Be an active Minnesota-based enterprise
- Provide two years’ worth of state and federal tax returns (2021 and 2022, or 2022 and 2023)
- Generate gross annual revenues of $750,000 or less
- Operate within designated areas of St. Paul and Minneapolis
- Non-Profit organizations that earn at least 10% of their total annual revenue through the sale of goods or services, in addition to meeting the overall eligibility requirements, are also eligible.
More details at: https://mnpromiseact.org/
About Neighborhood Development Center
NDC is a non-profit, community development financial institution that believes residents of low-income, inner city neighborhoods have entrepreneurial talent and energy that represent powerful assets available to help revitalize communities. NDC provides entrepreneur training, small-business lending, business services and real estate incubators that help our clients start and grow vital small businesses. For more information, visit www.ndc-mn.org.
