SF 2828

Introduction - 94th Legislature (2025 - 2026)

Posted on 07/02/2025 09:48 a.m.

A bill for an act
relating to economic development; appropriating money for Isuroon to support
microbusinesses through loans, grants, technical assistance, and a business incubator
program; requiring a report.

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

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

new text begin This section is effective July 1, 2025.
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