Skip to main content Skip to office menu Skip to footer
Capital IconMinnesota Legislature
Office of the Revisor of Statutes

SF 1618

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/11/2021 04:56pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Pdf Rtf

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16

A bill for an act
 relating to economic development; appropriating money for minority business
development.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. APPROPRIATION; MINORITY BUSINESS DEVELOPMENT.

(a) $15,000,000 in fiscal year 2022 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to the Metropolitan
Economic Development Association (MEDA) to make grants or loans to nonprofit business
development organizations to supplement or create new revolving loan funds to provide
access to business capital to Minnesota small businesses. This grant must be matched with
at least an equal amount from nonstate sources in the Minnesota Inclusive Growth Fund.

(b) Funds shall be distributed by the nonprofit business development organizations, to
the extent practicable, as follows:

(1) 75 percent to minority-owned businesses; and

(2) 25 percent to women-owned businesses, veteran-owned businesses, or businesses
owned by a person with a substantial physical disability.