1.1 	A bill for an act
1.2 	relating to economic development; appropriating money for Isuroon to support 
1.3 	microbusinesses through loans, grants, technical assistance, and a business incubator 
1.4 	program; requiring a report.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. APPROPRIATION; ISUROON ECONOMIC DEVELOPMENT 
1.7 	PROGRAM.
 1.8 	(a) $4,000,000 in fiscal year 2026 is appropriated from the general fund to the 
1.9 	commissioner of employment and economic development under Minnesota Statutes, section 
1.10 	116J.8731, for a grant to Isuroon. This is a onetime appropriation.
1.11 	(b) The appropriation must be used to:
1.12 	(1) provide loans to microbusinesses to promote entrepreneurship and economic growth 
1.13 	in underserved communities;
1.14 	(2) award grants to microbusinesses to support start-up costs, capacity building, and 
1.15 	business sustainability;
1.16 	(3) deliver technical assistance and training to entrepreneurs, including support for 
1.17 	business operations, financial management, and development strategies; and
1.18 	(4) establish and operate a business incubator program to support microbusinesses with 
1.19 	shared resources, mentorship, and access to professional networks.
1.20 	(c) Priority must be given to businesses owned by women, immigrants, and members 
1.21 	of communities of color in Minnesota.
2.1 	(d) By January 15, 2027, Isuroon must submit a report to the commissioner of 
2.2 	employment and economic development and the chairs and ranking minority members of 
2.3 	the legislative committees with jurisdiction over economic development regarding:
2.4 	(1) the number of loans and grants distributed and the total amount awarded;
2.5 	(2) demographic information of recipients, including geographic location and business 
2.6 	types; and
2.7 	(3) outcomes of the businesses supported by this program, including revenue growth, 
2.8 	job creation, and participation in the business incubator program.

2.9 	EFFECTIVE DATE. This section is effective July 1, 2025.