HF 2338

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; requiring reports; appropriating money for
entrepreneurial assistance grants.

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

Section 1. new text begin ENTREPRENEURIAL AND SMALL BUSINESS ASSISTANCE.
new text end

new text begin Subdivision 1. new text end

new text begin Entrepreneurial and small business assistance grants. new text end

new text begin The
commissioner of employment and economic development must make grants with the
appropriations in this section to organizations to assist in the development of entrepreneurs
and small businesses. Three grants must be awarded to continue or to develop a program.
One grant must be awarded to the Riverbend Center for Entrepreneurial Facilitation in
Blue Earth County, and two to other organizations serving Faribault and Martin Counties.
new text end

new text begin Subd. 2. new text end

new text begin Reporting. new text end

new text begin Grant recipients must report to the commissioner by February
1 of each year that the organization receives a grant. The report must include the
number of customers served; the number of businesses started, stabilized, or expanded;
the number of jobs created and retained; and business success rates. The commissioner
must report to the house of representatives and senate committees with jurisdiction over
economic development finance on the effectiveness of these programs for assisting in the
development of entrepreneurs and small businesses.
new text end

new text begin Subd. 3. new text end

new text begin Appropriation. new text end

new text begin $189,000 for fiscal year 2008 and $189,000 for fiscal
year 2009 are appropriated from the general fund to the commissioner of employment
and economic development for grants of $63,000 to eligible organizations each year and
for the purposes of subdivision 1. Each state grant dollar must be matched with one
dollar of nonstate funds. Any balance in the first year does not cancel but is available
in the second year.
new text end