UPDATE: The Northwest Minnesota Foundation (NWMF) has just announced an urgent opportunity for small businesses and nonprofits to apply for critical grant funding. Applications are now open and will remain available until January 30, 2024. This initiative, part of the PROMISE Act — Providing Resources and Opportunity and Maximizing Investments in Striving Entrepreneurs Act — aims to support businesses in need of financial assistance to fuel growth and recovery.
NWMF, in collaboration with the Department of Employment and Economic Development, has been awarded $1.3 million to distribute one-time grants of up to $50,000. This funding is designed specifically to bolster small, rural, and minority-owned businesses in the face of significant financial barriers. As the state grapples with economic recovery, these grants represent a vital resource for those most affected.
Eligible businesses can utilize these funds for essential operational costs, including payroll, rent or mortgage payments, utility bills, and equipment purchases. This financial support comes at a crucial time when many businesses are striving to maintain their operations amidst ongoing challenges.
The NWMF anticipates a high volume of applications, likely exceeding the available funding. Therefore, eligible applications will be evaluated based on established preference criteria from the PROMISE Act legislation. A random assignment process may also be employed to determine the final recipients of the grants.
To qualify for this funding, businesses must operate primarily within the NWMF service region, which encompasses 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. Additionally, applicants need to demonstrate a gross annual revenue between $10,000 and $750,000 for the tax year 2024.
This initiative by NWMF is not just a funding opportunity; it is a lifeline for many local businesses striving to overcome the economic hurdles presented by recent challenges. The PROMISE Act is designed to ensure that support reaches those who need it most, fostering a more equitable economic landscape.
For more information and to apply for the grant, visit the Northwest Minnesota Foundation website. Don’t miss this opportunity to secure essential funding for your business — time is running out!
