Business
Grant Opportunities & Resources
Promise Act Grant Now Available
$10,000 to $50,000 in Grants Now Available Through SMIF
Through a partnership with the Minnesota Department of Employment and Economic Development (DEED), the Southern Minnesota Initiative Foundation will award $1.1 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 expenses that occur in the regular course of business. Businesses must be located in SMIF's region, and must earn $750,000 or less in gross revenue (based on 2021 taxes). Additional eligibility requirements and the application are listed on SMIF's website. Not all eligible businesses will receive a grant. Applications are due April 24. Apply today: https://smifoundation.org/grants/for-grant-seekers/promise-act-grants/ Small Business Association Grant & Loan Programs
Attention small business owners, Economic Injury Disaster Loans are available through the SBA for farm and non-farm related businesses impacted by the lack of snowfall this winter. The application deadline for this loan is May 28.Learn more at the following link and on Greater Mankato Growth's blog:
Minnesota Pollution Control Agency - Small Business Environmental Improvement Loan
$2 million available for small businesses to upgrade or purchase capital equipment
The MPCA is currently accepting applications for the Small Business Environmental Improvement Loan! 0% interest loans are available to assist Minnesota’s small businesses improve their business practices to meet or exceed environmental regulations. More information can be found on the loan web page. Applications are accepted on a rolling basis. Apply today: https://www.pca.state.mn.us/grants-and-loans/environmental-assistance-loans
Funding available
Approximately $2 million in funding is available. The minimum loan amount is $1,000 and the maximum loan amount is $75,000. The interest rate is zero percent (0%).
Eligible applicants and projects
Eligible applicants include existing Minnesota small businesses. The small business must also have:
- less than 100 full-time employees.
- an after-tax profit of less than $500,000.
- a demonstrated ability to repay the loan.
- Upgrade refrigerants to a lower GDP
- Upgrade winter maintenance equipment (i.e. brine equipment, snow blade equipment)
- Water Based Paint Equipment/Booth
- Auxiliary Power Unit
Questions? Email any questions regarding the loan program to smallbizfunding.pca@state.mn.us.