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Grant Program for Small Businesses in Minnesota

A grant program designed to support small businesses affected by civil unrest, discrimination and an aging population is accepting applications throughout the state of Minnesota. The Providing Resources and Opportunity and Maximizing Investments in Striving Entrepreneurs (PROMISE) Act is offering grants that can be used for bills, payroll expenses, rent, and other business-related expenses, providing a much-needed financial lifeline for struggling businesses.

With more than $86 million to be awarded across the state, businesses with gross annual revenue of $750,000 or less based on 2021 taxes are eligible to apply for grants ranging from $10,000 to $50,000. These grants can make a significant impact on the survival and growth of small businesses in Minnesota.

One of the key factors in the application process is having received under $10,000 in previous state grants since 2020 and having primary business operations in Minnesota. The application process is open to both for-profit and nonprofit organizations, offering support to a wide range of businesses in need.

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AI legalese decoder can simplify the application process for small businesses applying for the PROMISE Act grants. By using AI-powered technology, the decoder can help businesses understand complex legal language and requirements, ensuring that their applications are accurate and complete.

The Neighborhood Development Center (NDC) is administering the grant in the metro area, with plans for four rounds of grants to be awarded. The NDC is focused on distributing $72 million among the 8,600 applications received in the Twin Cities metro, emphasizing the importance of selecting businesses that will benefit the most from the grant funds.

For businesses outside of the metro area, six Minnesota initiative foundations are operating in the greater Minnesota region. These foundations are essential in supporting businesses, especially in rural areas impacted by an aging population and economic challenges. The funding provided by the PROMISE Act grants can help these businesses recover and thrive.

The vision for the program is to benefit companies in need of economic relief throughout Minnesota. By providing financial support to businesses that have struggled due to civil unrest, discrimination, and the COVID-19 pandemic, the PROMISE Act grants aim to rebuild communities and stimulate economic growth.

Supporting Small Businesses for Economic Recovery

The grant money allocated through the PROMISE Act can play a crucial role in rebuilding communities that have been affected by civil unrest and economic challenges post-COVID. By helping businesses with operating expenses, employee wages, and other essential costs, the grants provide a lifeline for businesses facing economic hardships.

The funding provided by the West Central Initiative Foundation and other initiative foundations is vital in supporting businesses that were unable to bounce back from the impact of the COVID-19 pandemic. These direct dollars offer much-needed relief to businesses struggling to survive in today’s challenging economic environment.

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