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HF 3066

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/22/2023 08:14am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/21/2023

Current Version - as introduced

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

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

Section 1. new text begin APPROPRIATION; MINORITY BUSINESS DEVELOPMENT.
new text end

new text begin (a) $15,000,000 in fiscal year 2024 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to the Metropolitan
Economic Development Association (MEDA) for statewide business development and
assistance services to minority-owned businesses. This is a onetime appropriation.
new text end

new text begin (b) Of the appropriation in paragraph (a):
new text end

new text begin (1) $10,000,000 in fiscal year 2024 is for a revolving loan fund to provide additional
minority-owned businesses with access to capital; and
new text end

new text begin (2) $5,000,000 in fiscal year 2024 is for operating support activities related to business
development and assistance services for minority business enterprises.
new text end

new text begin (c) By February 1, 2025, MEDA shall report to the commissioner and the chairs and
ranking minority members of the legislative committees with jurisdiction over economic
development policy and finance on the loans and operating support activities, including
outcomes and expenditures, supported by the appropriation under this section.
new text end