HF 2789

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/13/2023 04:56pm

A bill for an act
relating to economic development; appropriating money for a grant to PFund
Foundation and Quorum to establish a business expansion program for LGBTQ+
entrepreneurs.

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

Section 1. new text begin APPROPRIATION; PFUND FOUNDATION, LGBTQ+-OWNED
BUSINESS DEVELOPMENT.
new text end

new text begin (a) $375,000 in fiscal year 2024 and $375,000 in fiscal year 2025 are appropriated from
the general fund to the commissioner of employment and economic development for a grant
to PFund Foundation to provide grants to LGBTQ+-owned small businesses and
entrepreneurs. Money distributed to entrepreneurs and small businesses must be in the form
of grants. Of this amount, up to ten percent may be used for PFund Foundation's technical
assistance and administrative costs. This appropriation is onetime and is available until June
30, 2026. To the extent practicable, money must be distributed by PFund Foundation as
follows:
new text end

new text begin (1) 33.3 percent to racial minority-owned businesses; and
new text end

new text begin (2) 33.3 percent to businesses outside of the seven-county metropolitan area as defined
in Minnesota Statutes, section 473.121, subdivision 2.
new text end

new text begin (b) $125,000 in fiscal year 2024 and $125,000 in fiscal year 2025 are appropriated from
the general fund to the commissioner of employment and economic development for a grant
to Quorum to provide business support, training, development, technical assistance, and
related activities for LGBTQ+-owned small businesses that are recipients of a PFund
Foundation grant. Of this amount, up to ten percent may be used for Quorum's technical
assistance and administrative costs. This appropriation is onetime and is available until June
30, 2026.
new text end