Small Business Grants in Minnesota (MN)

Securing a small business grant in Minnesota involves identifying relevant opportunities, understanding the eligibility criteria, and preparing a compelling application. Here are some of the most relevant grant opportunities for small businesses in Minnesota:

Launch MN Innovation Grants
The Launch MN Innovation Grants program provides grants to innovative and scalable technology startup businesses in Minnesota. Business Operations Grants can go up to $35,000, and Matching SBIR/STTR Phase 1 and 2 Grants can reach up to $50,000. The program is designed for startup companies focused on high technology, new proprietary technology, or a new proprietary product or process.

Small Business Loan Participation Program
The Small Business Loan Participation Program by DEED (Department of Employment and Economic Development) purchases participations in loans to small businesses made by approved community lenders. This program is available in specific cities in Minnesota, and the financial assistance amount is determined by the respective city pursuant to published program guidelines.

STEP Grant
The STEP Grant provides financial and technical assistance to qualifying Minnesota small businesses for approved export-development activities. The grant amount can go up to $7,500.

Promise Grant
The Promise Grant provides funding to businesses that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, and other challenges. The grant amount can range from $10,000 to $250,000.

Micro Grant Program
The Micro Grant Program assists Minnesota-based certified small businesses in increasing their capacity and industry expertise, enabling them to compete more effectively on MnDOT contracts. The reimbursement maximum is $3,500 per certified small business.

Small Business Assistance Partnership Grants
The Small Business Assistance Partnership grants support the start-up, growth, and success of Minnesota’s entrepreneurs and small businesses. The grants are awarded to local organizations that provide high-quality education, subject matter expertise, and technical assistance services. The program has a particular focus on underserved populations and geographies, including individuals who are Black, Indigenous, People of Color, U.S. military veterans, people with disabilities, low-income people, and residents of Greater Minnesota.

Minnesota Expanding Opportunity Fund Program
The Minnesota Expanding Opportunity Fund Program provides grants and loans to businesses making large private capital investments in new and existing industries. The program requires a state match for federal funding.

When applying for these grants, it’s crucial to understand the specific eligibility criteria and requirements for each program. Make sure to prepare a compelling application that clearly demonstrates how your business aligns with the grant’s objectives and how the funding will contribute to your business’s growth and success. It’s also important to keep in mind that grant opportunities often refresh, opening up new possibilities for entrepreneurs.

Securing a grant can be competitive, so it’s essential to present a clear, well-structured business plan that showcases your business’s potential for success, innovation, and contribution to the community and economy of Minnesota.