HF 2590

Introduction - 93rd Legislature (2023 - 2024)

Posted on 03/08/2023 12:37 p.m.

A bill for an act
relating to economic development; appropriating money for business loans,
technical assistance, and capacity building to nonprofits serving the African
immigrant community.

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

Section 1. new text begin AFRICAN CAREER, EDUCATION, AND RESOURCE, INC.;
APPROPRIATION.
new text end

new text begin $3,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to African Career, Education, and
Resource, Inc., for operational infrastructure and technical assistance to small businesses.
This is a onetime appropriation and is available until June 30, 2025.
new text end

Sec. 2. new text begin AFRICAN DEVELOPMENT CENTER; APPROPRIATION.
new text end

new text begin $10,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the African Development Center
to provide loans to purchase commercial real estate and to expand organizational
infrastructure. This is a onetime appropriation and is available until June 30, 2025. Of this
amount:
new text end

new text begin (1) $7,000,000 is for loans to purchase commercial real estate targeted at African
immigrant small business owners;
new text end

new text begin (2) $910,000 is for loan loss reserves to support loan volume growth and attract additional
capital; and
new text end

new text begin (3) $2,090,000 is for increasing organizational capacity.
new text end

Sec. 3. new text begin AFRICAN ECONOMIC DEVELOPMENT SOLUTIONS; APPROPRIATION.
new text end

new text begin $12,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to African Economic Development
Solutions to create a revolving loan fund to help primarily immigrant entrepreneurs develop
commercial real estate in the Hamline-Midway neighborhood. This is a onetime appropriation
and is available until June 30, 2025. Of this amount:
new text end

new text begin (1) $10,000,000 is for loans to purchase commercial real estate targeted at African
immigrant small business owners; and
new text end

new text begin (2) $2,000,000 is for providing technical assistance to small business owners.
new text end

Sec. 4. new text begin NEW AFRICAN DEVELOPMENT CENTER; APPROPRIATION.
new text end

new text begin $3,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the New African Development
Center for operational infrastructure and technical assistance to small businesses. This is a
onetime appropriation and is available until June 30, 2025.
new text end

Sec. 5. new text begin MINNESOTA AFRICAN COALITION; APPROPRIATION.
new text end

new text begin $900,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Minnesota African Coalition
to provide technical assistance to small businesses and nonprofits and to increase
organizational capacity. This is a onetime appropriation and is available until June 30, 2025.
Of this amount:
new text end

new text begin (1) $420,000 is for technical assistance and business navigation, procurement and contract
training, certifications, process improvement, and business development services;
new text end

new text begin (2) $280,000 is for development and deployment of a software system to boost access
to high-quality volunteer services for community nonprofits; and
new text end

new text begin (3) $200,000 is for increasing organizational capacity.
new text end

Sec. 6. new text begin LIBERIAN BUSINESS ASSOCIATION IN THE DIASPORA;
APPROPRIATION.
new text end

new text begin $1,500,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Liberian Business Association
in the Diaspora to provide financial literacy training and technical assistance to primarily
minority business owners in Brooklyn Park. This is a onetime appropriation and is available
until June 30, 2025.
new text end

Sec. 7. new text begin BROOKLYNS MINORITY BUSINESSWOMEN NETWORK;
APPROPRIATION.
new text end

new text begin $150,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to Brooklyns Minority Businesswomen
Network for organizational capacity building and providing technical assistance to small
businesses. This is a onetime appropriation and is available until June 30, 2025.
new text end