Are startups eligible?

Yes. In Round 2 of the MN PROMISE Act, startups are eligible to apply. The program now only requires your 2024 tax return. If your startup has filed a 2024 return and meets all other eligibility criteria, you can apply. 

If you have not yet filed for that tax year, you must have submitted a tax extension for your most recent tax year (e.g., IRS Form 7004). You will need to provide either a valid tax return or proof of the tax extension as part of your application. 

If you are still getting your business started and do not meet these criteria, we recommend checking out other small business support programs through organizations like NDC or DEED: 

NDC | Neighborhood Development Center (ndc-mn.org) 

Starting a Business / Minnesota Department of Employment and Economic Development (mn.gov)