URGENT UPDATE: The Northwest Minnesota Foundation (NWMF) has just announced the opening of applications for the PROMISE Act grants, offering a total of $1.3 million to support small businesses and nonprofits in the region. Applications are accepted until Friday, January 30, 2024, and eligible organizations are encouraged to act quickly.
This one-time funding opportunity permits grants of up to $50,000 to help local enterprises invest in their operations or facilitate planned growth. The PROMISE Act, a collaborative effort with the Department of Employment and Economic Development, aims to foster equitable economic recovery, particularly for small, rural, and minority-owned businesses that often face significant barriers to accessing capital and resources.
Funds can be allocated for essential operating expenses such as payroll, rent or mortgage payments, utility bills, equipment purchases, and similar costs that are vital for maintaining business continuity. With the economic landscape shifting, this grant is a lifeline for many struggling enterprises.
The demand for these grants is expected to be high. NWMF anticipates receiving more applications than available funding. In such cases, applications will be evaluated based on established preference criteria from the PROMISE Act legislation, and a random assignment process may be utilized to select awardees.
To qualify, applicants must have a primary business location within the NWMF service region, which comprises Beltrami, Clearwater, Hubbard, Kittson, Lake of the Woods, Mahnomen, Marshall, Norman, Pennington, Polk, Red Lake, and Roseau Counties, as well as the Red Lake and White Earth Nations. Additionally, businesses must report a gross annual revenue of at least $10,000 but not exceeding $750,000 for the tax year 2024.
For more details and to apply, visit the NWMF website. This is a critical chance for eligible businesses to secure vital funding that could make a significant difference in their operations. Don’t miss out—apply today!
