Continued: Application for the PROMISE Act Grant
Reminder: when the word "business" is used, the statement also applies to nonprofit organizations that earn 30% or more of the revenue on an ongoing basis through non-tax-deductible sales or dues in a fee-for-service model similar to for-profit businesses.
Preference shall be given to eligible applicants based on meeting the definition of the following preference criteria. This determination will be made solely by Northwest Minnesota Foundation as a partner organization of State of Minnesota Department of Employment and Economic Development (DEED), based on supporting documentation you provide in the application and/or information provided by the state.
Preference Criteria A: The applicant received $10,000 or less in assistance total from the following programs: Minnesota Small Business Emergency Loan Program; Minnesota Small Business Relief Grants; Minnesota County Relief Grants to Local Businesses; Minnesota Movie Theater and Convention Center Grant. This information will be verified by Northwest Minnesota Foundation through a State of Minnesota financial assistance database.
Preference Criteria B: The applicant demonstrates they meet one or more of the definitions for financial hardship, as follows. 1) The applicant can demonstrate their business experienced 10% decline in gross revenue in 2022 as compared to 2021, per tax returns; and/or 2) The applicant can demonstrate their business experienced a decrease in net income of more than 0% in 2022 as compared to 2021, per tax returns. This information will be verified by Northwest Minnesota Foundation through a review of your 2021 and 2022 tax returns, which you will upload through this application.