|
PROMISE ACT GRANT - BE SURE TO TAKE A LOOK AT IT - YOU MAY QUALIFY!
Though I sent this out via email last week, it's too important not to mention it here as well! This is something many could be eligible for, so please click the link and read through the eligibility requirements.
There is $1.1 million in grants for small businesses in Central MN – which includes Wright County. The PROMISE Act is funded by the MN Legislature and provides one time grants ranging from $10-$50K. This is not a first come first served, so you have until April 10th to apply. Its goal is to drive fair economic recovery in our region by helping small, rural, and minority owned businesses who find it difficult to access capital and resources. There will be another round available later this year or in early 2025, so there is an opportunity to apply again if you don’t receive the funds this round. Flexible low interest loans are also available to qualifying businesses.
It is for businesses with $750,000 or less in gross revenue that received $10,000 or less in pandemic relief grants (outside of PPP loans) from the state AND can show via your tax filings, a decrease in gross revenue or net income from 2021 to 2022. The grants can be used for regular current or past-due expenses such as working capital, payroll, rent/mortgage, utilities, equipment, inventory and more.
I printed off the application. It is not long. They say a half hour to an hour if you had all of the necessary documents which is your tax returns, proof of operating business and ID etc… Our new member, the Initiative Foundation is managing this grant process.
Want to learn more go to https://ifound.org/grants/promise-act-grants/
| 
