MN PROMISE Act Grant, Round 2 (Minneapolis and Saint Paul)
Minnesota Department of Employment and Economic Development (DEED), administered by Neighborhood Development Center
Up to $10,000, $25,000 or $50,000 by revenue
Working-capital grants up to $10,000, $25,000 or $50,000 by revenue for small businesses in eligible Minneapolis and Saint Paul areas. Rolling until funds run out.
The MN PROMISE Act Grant Program is a state-funded program that gives working-capital grants to small businesses, and some business-like nonprofits, in eligible neighborhoods of Minneapolis and Saint Paul. The grant size depends on prior-year gross revenue: up to $10,000 at $100,000 or less, up to $25,000 up to $350,000, and up to $50,000 up to $750,000. Round 2 is open on a rolling basis until its funds are allocated, with about $60 million still available. Businesses must be in an eligible area, have filed their latest tax return and have revenue of $750,000 or less. A business can get only one grant, and Round 1 grantees cannot apply again.
- Funding type
- Grant
- Level
- State
- Amount
- $50,000
- Realistic amount
- The tier cap for your revenue; Round 1 averaged about $14,700 per grant ($9.58 million to 652 businesses, per a local business magazine).
- Deadline
- Rolling; open until Round 2 funds are fully allocated
- Status
- active
- States
- MN
Who qualifies
- Business or business-like nonprofit with its location in an eligible Minneapolis or Saint Paul area
- Registered with the Minnesota Secretary of State if state law requires (sole proprietors under their own name do not need to register)
- At least 50% of employees based in Minnesota
- Filed the most recent tax return, or filed for a tax extension
- Gross annual revenue of $750,000 or less in the most recently completed tax year
- Must keep operating for at least 12 months after the award
- Did not receive a MN PROMISE Act grant in Round 1
- Home-based or online businesses must have claimed the IRS home-office deduction under Section 280A(c)(1)
- Nonprofits must earn 30% or more of revenue from fee-for-service sales or dues (or 10% or more with a permanent customer-facing location) and upload an IRS Form 990 or 990-EZ
What it covers
Eligible expenses
- Working capital: payroll, rent or mortgage, utilities, equipment and other similar expenses in the regular course of business
Ineligible expenses
- See official program guidance
How to apply
-
1
Check eligibility and the map
Take the eligibility quiz and confirm your address is in an eligible area.
~30 min
-
2
Stage 1 form
Verify your email, then submit the eligibility form; an eligibility result arrives by email in about an hour.
~1 hrs
-
3
Stage 2 documents
Create an applicant portal profile and upload tax returns and other business documents.
~3 hrs
-
4
Stage 3 and State review
Upload final financial documents, complete identity verification, then the State of Minnesota makes the final decision.
~1.5 hrs
Apply early with every document ready: complete applications are processed by submission date, and preference points (operating in 2021, revenue loss, small past COVID aid) need the matching tax returns uploaded.
Deadline & timing
Funder site: 'Round 2 is open. Funding is still available.' and applications are accepted on a rolling basis until Round 2 funds are fully allocated. Applications are processed in order of the date a complete and correct application is submitted, so later submissions may have less funding available. The full process takes at least 12 weeks.
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Required documents
- Business tax returns (most recent year; 2021 and the prior year optional for preference points) with matching legal name
- Tax transcripts
- Minnesota Secretary of State registration file number (unless a sole proprietor)
- EIN or TIN (SSN or ITIN for sole proprietors)
- W-9 form and ACH document
- Signed Grant Agreement Letter and Certificate of Grant Recipient
- Identity verification through Plaid
- IRS Form 990 or 990-EZ for nonprofits
- Form 1065 and owner details for partners owning 20% or more
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Last updated October 31, 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.