HF 1019

as introduced - 91st Legislature (2019 - 2020) Posted on 03/18/2019 10:13pm

A bill for an act
relating to economic development; appropriating money for small business
development center services.

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

Section 1. new text begin SMALL BUSINESS DEVELOPMENT CENTER SERVICES;
APPROPRIATION.
new text end

new text begin (a) $1,500,000 in fiscal year 2020 and $1,500,000 in fiscal year 2021 are appropriated
from the general fund to the commissioner of employment and economic development for
small business development center services to support business transition planning. For
purposes of this section, business transition planning includes, but is not limited to:
new text end

new text begin (1) succession planning for next generation proprietors. For purposes of this clause, next
generation proprietors do not include immediate family members of the current business
owner;
new text end

new text begin (2) providing business owners seeking to sell existing businesses and aspiring business
owners with a venue and opportunity to exchange information. Services under this clause
may be targeted to small businesses located in economically disadvantaged communities
or areas of declining population. For purposes of this clause, "economically disadvantaged
communities" means communities in which the average household income is less than 80
percent of statewide median household income as measured by the United States Census
Bureau, or communities that contain two or more contiguous census tracts in which the
average household income is less than 80 percent of the statewide median household income
as measured by the United States Census Bureau; and
new text end

new text begin (3) providing information and counseling services to business owners, prospective
owners, and others regarding the importance of business transition and succession planning,
the transition and succession process, and financing options and requirements related to the
business transition and succession process.
new text end

new text begin (b) Funds available under this section may be used to:
new text end

new text begin (1) provide the necessary information and services under paragraph (a);
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new text begin (2) build small business development center staff capacity to provide business transition
and succession planning services; and
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new text begin (3) match funds under the federal Small Business Development Center Program under
United States Code, title 15, section 648, and other federal, state, or local funds available
for the purposes of this section.
new text end