The Minnesota PROMISE Act is a lifeline for small businesses in the Minneapolis/St. Paul area, offering crucial financial support to those affected by economic and social challenges. Today marks the opening of applications for the PROMISE Act’s Grant Program, administered by the Neighborhood Development Center (NDC). This initiative provides up to $50,000 in grants for eligible businesses to cover essential operational costs such as payroll, rent, utilities, and equipment.
Earlier this year, the PROMISE Act’s Loan Program also opened, managed by the Metropolitan Economic Development Association (MEDA). This program offers loans up to $1,000,000 for capital improvements, including site acquisition, construction, and infrastructure development, with favorable terms and interest rates capped at 3%.
Key Details of the PROMISE Act Grant Program:
- Eligibility: Businesses must be located in designated areas, have a gross annual revenue of $750,000 or less, and be operational for at least two years.
- Grant Amounts: Up to $50,000, depending on annual revenue.
- Uses: Working capital for payroll, rent/mortgage, utilities, and equipment.
Key Details of the PROMISE Act Loan Program:
- Eligibility: Businesses must have a gross annual revenue of less than $1,000,000 and be located in specific areas of Minneapolis/St. Paul.
- Loan Amounts: Up to $1,000,000 for terms of up to ten years.
- Uses: Capital improvements such as site acquisition, building construction, and infrastructure.
How Prudent Accountants Can Help
Navigating the application process for these programs can be complex. At Prudent Accountants, we specialize in providing comprehensive financial support and guidance to help your business secure the funding it needs. Our services include:
- Grant and Loan Application Assistance: We help you prepare and submit complete and accurate applications, ensuring all eligibility criteria and documentation requirements are met.
- Financial Reporting: We prepare the necessary financial statements and reports to support your application.
- Cash Flow Management: We provide insights and strategies to optimize your cash flow, making the most of the grant and loan funds.
Take the Next Step with Prudent Accountants
Don’t miss out on these vital opportunities to secure funding for your business. Applications for the first round of grants close at 11:59 PM on June 30th, so act now before it’s too late. Contact Prudent Accountants today for expert assistance with your PROMISE Act grant or loan application. Our team is ready to help you navigate the process and maximize your chances of success.
For more information, visit the State of Minnesota’s pages on the Grant Program and Loan Program, and check out the PROMISE Act bill.
Reach out to Prudent Accountants now to leverage these opportunities and secure the financial support your business needs to thrive.
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