URGENT UPDATE: The Northwest Minnesota Foundation (NWMF) is now accepting applications for grant funding under the PROMISE Act, with a total of $1.3 million available to support small businesses and nonprofits. The deadline to apply is Friday, January 30, 2024. This initiative aims to provide crucial financial assistance to entrepreneurs and organizations facing significant barriers in rural and minority communities.
This program, developed in collaboration with the Department of Employment and Economic Development, offers one-time grants of up to $50,000 to boost existing operations or support planned growth. Funds can be utilized for essential expenses such as payroll, rent or mortgage payments, utility bills, and equipment purchases—critical resources for maintaining business viability in challenging economic times.
NWMF anticipates a high volume of applications, likely outpacing available funds. To ensure fairness, eligible applications will be evaluated based on criteria established by the PROMISE Act legislation, with a random assignment process employed as needed to select the final grant recipients.
Eligible applicants must maintain their primary business operations within the NWMF service area, which includes counties such as Beltrami, Clearwater, Hubbard, and Red Lake Nation. Additionally, businesses must report a gross annual revenue of at least $10,000 but no more than $750,000 for the tax year 2024.
The PROMISE Act underscores the commitment to fostering equitable economic recovery by empowering small, rural, and minority-owned businesses that traditionally struggle to access necessary capital and resources. This program represents a pivotal opportunity for eligible organizations to secure vital funding that can significantly impact their operations and community presence.
For more information on eligibility and application procedures, visit the NWMF website. Don’t miss this chance to apply for assistance that could change the trajectory of your business!
