Small businesses across Saint Paul could be catching a welcome break thanks to the MN PROMISE Act grant program. Targeted at rejuvenating enterprises in communities impacted by historic racial discrimination and socio-economic challenges, the program is now accepting applications through June 30th. According to the City of St. Paul, these grants are accessible to active Minnesota-based businesses with gross revenues not exceeding $750,000 a year. Eligible locations in Saint Paul encompass areas like University Avenue and the Eastside, among others.
Entrepreneurs are not left to navigate the application process alone, with free "Get Ready" workshops on offer, discussing the nuts and bolts of applying for the program. The program stresses the necessity of two years' worth of state and federal tax returns and has scheduled workshops throughout June to help business owners prepare. Meanwhile, business owners have the chance to undergo up to five hours of one-on-one application support, aimed at bolstering their chances of receiving funding.
Funds from the grant can breathe new life into a variety of operational needs ranging from working capital to utility bills. Further supporting the small business ecosystem, the East Metro Main Street Economic Revitalization Program, partnering with DEED, has granted $7 million in funding to 42 local businesses and nonprofit organizations dedicated towards economic revitalization efforts in Saint Paul, as per the City of St. Paul.
As the City of Saint Paul prepares for a minimum wage increase starting July 1, small, large, and micro-businesses will see adjustments tailored to their size. The city council is committed to ensuring businesses have the necessary support, including access to the Minnesota Department of Labor and Industry's safety consultations and potential grants for hazard abatement. Additionally, several upcoming events and information sessions across the month are set to steer small business owners through various facets of financial readiness, digital marketing, and more, offering St. Paul's entrepreneurs a full plate of resources for the second half of 2024.
