The Northwest Minnesota Foundation invests resources, facilitates collaboration and promotes philanthropy to make the region a better place to live and work.
The PROMISE Act grant program offers financial support to businesses and nonprofits in Northwest Minnesota, aiming for equitable economic recovery. Funded by the Minnesota Legislature with a $2.3 million budget, it targets small, rural, and minority-owned businesses facing high barriers to accessing capital. Grants up to $50,000 will cover working capital needs such as payroll, rent, mortgage, utility bills, and equipment expenses. The award process is competitive and not first-come, first-served, with expectations of high demand and a randomized selection method for awardees. Award amounts vary based on the business's gross revenue, with specific caps based on financial thresholds. Applicants also have access to free technical support during the application process.
Eligibility for funding preferences will be determined based on the following criteria: Applicants will be prioritized if they have previously received $10,000 or less in total assistance from any combination of the following initiatives: Small Business Emergency Loan, Small Business Relief Grants, County Relief Grants, and the Movie Theater and Convention Center Grant program. The Northland Microfinance (NMF) team will verify eligibility through a review of state award databases.
Additionally, applicants must demonstrate financial hardship by showing either:
Further considerations will be made for businesses that provide:
Special attention will also be given to businesses that are predominantly owned (at least 51%) by Black, Indigenous, People of Color, veterans, or women. For nonprofit organizations, a similar criterion applies: at least 51% of the Board of Directors must belong to one of the aforementioned groups.