If I’m applying for a grant AND a loan, how would I apply for the loan/report the grant money I’ve received? Can I apply for them at the same time?

Yes, you can apply for the grant and loan at the same time. MEDA and NDC are working together to create a seamless transfer of information if you are applying for both a loan and a grant. There is a separate application for each if you meet the qualifications for both. MEDA’s loan application is currently open. 

Click Here to view MEDA’s website.  

What if I had to change my business registration to save on taxes (changing my business from an LLC to a S Corp), would the entire period I’ve had the business count, or only after the recent S Corp?

The type of business does not affect the grant eligibility. The program was originally created to help businesses in the aftermath of the civil unrest and COVID-19. This program is meant to help you create and sustain that change. 

If I have recently acquired a business that otherwise meets all requirements, can I still apply for a grant/loan for the business? (Business was previously owned by others)

Yes, as long as the business meets all eligibility criteria. Click here to view the eligibility criteria.

Is the grant taxable?

Yes, the grant is taxable income.

Do you have to sign up as a vendor/SWIFT?

No, grant funds do not require a SWIFT account.

What are you doing to help reach immigrant communities?

Accessibility and equity is a value around how NDC deploys PROMISE Act grants. We’re currently working with community partners that actively work with Hmong, Latino, and Somali communities. We are also working on having the application accessible in Hmong, Spanish, and Somali. If you see gaps in how services are being provided, or would like to have support in an additional language, please let us know here.

I received more than $10,000 from PPP but didn’t receive anything from the state. How does that factor in?

The only programs that apply for the $10,000 from previous State programs are:  

• 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  

Federal programs like PPP do NOT factor into grant prioritization. 

What if I’m not eligible for the PROMISE Act grant program? What other resources are available to me?

If your business is not eligible, you may be able to find other opportunities or resources to benefit your business. NDC, MEDA, and other community partner organizations are dedicated to finding a way to help all businesses. Please visit the “Resources” dropdown in the top navigation to learn more about DEED and our community partners.