About the Program

MN PROMISE Act loans are available to businesses, developers, and non-profit organizations in designated communities for commercial real estate purchases, renovation and/or expansion. Loans up to $1.5 million are available for applicants that meet eligibility requirements. MEDA administers the MN PROMISE Act Loan program for the Twin Cities, alongside community partner organizations.

How The Program Works

The State of Minnesota has allocated $24,000,000 for PROMISE Act Loans in the Twin Cities over two years. These funds will move from the State of Minnesota, through MEDA, and into the community. This funding is to be used for Capital Improvements such as buying commercial real estate and/or building renovation and expansion.

Eligibility Requirements*

(*Eligibility does not guarantee MN PROMISE Act Loan funding.)

Have primary business operations located in the state of Minnesota and must registered with the Secretary of State

Be located in a community that has been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population, or a lack of regional economic diversification. SEE Map below.

Less than $1,500,000 in gross annual revenue per year based on applicant’s taxes in 2023 and 2024

To receive a loan, a business must be located in one of these areas:

(Eligibility does not guarantee MN PROMISE Act Loan funding)

• West Broadway, Camden, or other North Minneapolis neighborhoods

• Lake Street, 38th & Chicago, Franklin, Nicollet, & Riverside corridors of South Minneapolis

• University Avenue, Midway, Eastside, or other St. Paul neighborhoods
• CLICK TO DOWNLOAD MAPS of eligible metro neighborhoods

Check Eligibility: https://assets-usa.mkt.dynamics.com/1f444495-08e8-408d-833c-765e74a93d2f/digitalassets/standaloneforms/85a714bb-f6d0-ee11-9079-00224805c289

More Info on MEDA website: https://meda.net/mnpromiseact