Sponsoring Agency: Southern Minnesota Initiative Foundation
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/30/2021
Size of the Fund: Not Available
Southern Minnesota Initiative Foundation (SMIF) is pleased to accept applications for the Prosperity Initiative Cohort 2021.
The Prosperity Initiative is a program designed to promote and grow inclusive entrepreneurship and businesses owned by Black, Indigenous and people of color in southern Minnesota. The Prosperity Initiative provides resources, professional development and consulting assistance to help your business grow and succeed.
SMIF will continue to accept previous Prosperity Initiative clients. A percentage of the next cohort will include past graduates who can demonstrate sufficient progress to date since their graduation as well as articulate how Prosperity Initiative can benefit the continued growth of their company. Priority will be given to companies located in communities with a population size of 5,000 or less.
Also, a higher priority will be given to diversifying the type of businesses participating in the program, including manufacturing, technology and food production. As in the past, service and retail operations are encouraged to apply.
The Prosperity Initiative is made possible by generous funding from Dan and Angie Bastian and Target Foundation.
Criteria
• Businesses must be owned, operated and controlled by Black, Indigenous and/or people of color
• Applicants must have a registered business with the State of Minnesota
• Applicant’s business must be located in and do primary business within SMIF’s 20 -county region.
• Applicants will have the option to participate in a local peer network during program
Exclusions
Ineligible business or activities include:
• Operating business of more than 5 years
• Annual revenue of $1 million
• Programs or services mandated by law
• An applicant’s business has not satisfied a SMIF loan obligation within the past 24 months
• Businesses operating as nonprofits
Required Documents
• Completed application
• Proof of business registration with the State of Minnesota
• Letter of support from a community organization or community leader
• A business plan
More information at: https://smifoundation.org/the-prosperity-initiative/
