$1.3 million to be awarded to southern Minnesota businesses through partnership with MN DEED

Through a partnership with the Minnesota Department of Employment and Economic Development (DEED), Southern Minnesota Initiative Foundation (SMIF) will award $1.3 million in competitive grants to businesses in southern Minnesota to invest in existing operations or planned growth.

Grant awards will range from $10,000 to $50,000 and can be used for working capital to support payroll expenses, rent or mortgage payments, utility bills, equipment, and other similar expenses that occur in the regular course of business.

Grant awards will be limited and approved on a competitive basis. Not all eligible businesses will receive a grant. Primary business operations must be located in SMIF’s region, which includes 20 counties and one Native nation. Businesses must earn $750,000 or less in gross revenue (based on prior year’s (2024) taxes) to be eligible. Additional eligibility requirements are listed on SMIF’s website.

The grant cycle opens October 16, 2025 and will close on November 17, 2025. For the application and guidelines visit smifoundation.org/promise. Contact Melissa Langer (melissal@smifoundation.org) or Brian Conzemius (brianc@smifoundation.org) with questions.

The PROMISE Act is funded by one-time allocation from the State of Minnesota Legislature in partnership with DEED. This program looks to drive economic recovery in our region through grants to small businesses in south central and southeastern Minnesota experiencing lack of access to capital, loss of population or an aging population, or a lack of regional economic diversification.

“We are excited to continue supporting entrepreneurs and economic recovery in southern Minnesota through the PROMISE Act,” said Benya Kraus, president and CEO of SMIF, “and grateful to our partners at MN DEED for the opportunity.”

The PROMISE Act Grant is a statewide program with multiple partners accepting applications throughout Minnesota. SMIF is one of six Minnesota Initiative Foundations (MIFs) that will accept applications through this program, in addition to the Neighborhood Development Center, which will accept applications in certain areas of the Twin Cities metro.

For businesses that are not located in SMIF’s region, please consult the following website to determine who to contact for this program: https://mn.gov/deed/business/financing-business/deed-programs/promise-grant/