Businesses Have Until Friday, May 31st to Apply for the Grants from the PROMISE Act Grant

Small businesses’ paperwork for grants from the PROMISE Act Grant have until Friday, May 31st, 2024 to get them turned into the West Central Initiative.

The PROMISE Act Grant was created by the Minnesota legislative and signed by Governor Tim Walz. The act was created to help small businesses, who did not receive funds for the pandemic.

“The PROMISE ACT was made to help support businesses in the form of loans and grants open right now until the 31st of May”, said Greg Wagner, the Director of Business and Economic Development at the West Central Initiative.

Stevens county is one of the 9 counties the West Central Initiative serves for Western Minnesota.

“Businesses within our service area of West Central Minnesota; Becker, Clay, Grant, Douglas, Pope, Ottertail, Traverse, Wilken and of course Steven’s county are all eligible for the grant” Wagner said.

“Every Business whether that is, childcare, homebase or even farm supply is eligible for the grant, if they meet the perimeter of being in business in 2022,” he said. Businesses, who are eligible for the grant must have a gross revenue of $750,000 dollars or less in 2022.

The main use of the PROMISE ACT is to distribute competitive grants for business in need of them, then they go through an application process.

“Once all the applications come through, we will review and ask follow-up questions. Then those applications will get scored depending on how much gross revenue you made in 2022,” Wagner said.

Here is the break down of the grant:

• $100,000 of less will receive a $10,000 dollar grant
• $100,001 to $350,000  will receive a $25,000 grant
• $350,001 to $750,000 will receive a $50,000 grant

These grants must be used for operating expenses only. These include; new equipment, rent/mortgage, insurance, pay roll, etc.

If a business is a for-profit business these grants are taxable and will receive a 1099 from the West Central Initiative.

Remember, business have until FRIDAY, MAY 31ST, 2024 TO APPLY!!