Neighborhood Development Center Announces Opening of Grant Applications for MN PROMISE Act Funds
The Neighborhood Development Center (NDC), designated by the State of Minnesota to administer applications and allocate grants under the MN PROMISE Act legislation, is pleased to announce the launch of its first round of grant application acceptance that began on Monday, June 3, 2024, and closes on Sunday, June 30, 2024, at midnight. Details for qualifications and logistics can be found at www.mnpromiseact.org.
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 non-profit 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 Saint 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.
Over the past six months, NDC, along with 17 non-profit partners and consultants with experience in business outreach and development, have actively engaged with business owners in targeted communities through more than 50 free, in-person and virtual Information sessions, town halls, and community meetings. This work, in addition to podcasts, social media outreach, paid media campaigns, street teaming, and event tabling, will be ongoing throughout 2024 and 2025.
To ensure the highest level of awareness and understanding, Preparation Sessions are being scheduled, and up to five (5) hours of free 1:1 application support is available on a first-come, first-serve basis. PROMISE Act user-friendly materials are available in five languages.
About PROMISE Loans through MEDA
To learn more about the MN PROMISE Act and start a loan application, go to meda.org. In addition to NDC distributing grants, DEED is working to administer PROMISE Act loans through the Metropolitan Economic Development Association (MEDA).
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 (and Sharia-acceptable financing), business services and real estate incubators that help our clients start and grow vital small businesses. For more information, visit ndc-mn.org.