URGENT UPDATE: The Northwest Minnesota Foundation (NWMF) has just opened applications for $1.3 million in grant funding aimed at supporting small businesses and nonprofits. Applications are now being accepted until Friday, January 30, 2024, offering eligible entities the chance to secure one-time grants of up to $50,000 through the PROMISE Act — a program designed to enhance economic recovery and support struggling entrepreneurs.
This initiative, launched in partnership with the Minnesota Department of Employment and Economic Development, targets small, rural, and minority-owned businesses facing significant barriers to accessing essential capital and resources. The funds can be used for a variety of operational costs, including payroll, rent or mortgage payments, utility bills, equipment purchases, and other critical expenses that keep businesses running smoothly.
NWMF anticipates a high volume of applications, likely exceeding the available funding. To manage this, eligible applications will undergo a scoring process based on established preference criteria from the PROMISE Act legislation. A random assignment process may also be employed to determine final awardees.
Eligible applicants must operate primarily within the NWMF service region, which encompasses a wide range of areas, including 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. Furthermore, applicants must report a gross annual revenue between $10,000 and $750,000 for the tax year 2024.
This is a pivotal moment for many businesses struggling to navigate the economic challenges brought on by recent events. The PROMISE Act grants represent a lifeline for entrepreneurs eager to stabilize or expand their operations.
For those interested, more detailed information and application guidelines can be found on the NWMF website. This announcement is expected to have a significant impact on the local economy, and businesses are encouraged to act swiftly to take advantage of this valuable opportunity.
Stay tuned for further updates as the application deadline approaches.
