HF 1485

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; appropriating money for minority enterprise
retention.

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

Section 1. new text begin MINORITY ENTERPRISE RETENTION; APPROPRIATION.
new text end

new text begin (a) $4,500,000 is appropriated from the general fund to the commissioner of
employment and economic development for the biennium ending June 30, 2009, for
minority business retention as provided in this section.
new text end

new text begin (b) Of this amount, up to $1,500,000 is for the urban challenge grant program under
Minnesota Statutes, section 116M.18, for a grant to the Neighborhood Development
Center for minority enterprise retention at the Global Market. The grant must be used for
purposes that are consistent with the urban challenge grant program, including micro
enterprise loans, other loans, technical assistance, and training. Limits on loan amounts
and the level of technical assistance under Minnesota Statutes, section 116M.18, do not
apply to this grant.
new text end

new text begin (c) The commissioner may make a grant to the Neighborhood Development Center
for other assistance necessary to retain minority business enterprises. Assistance under
this paragraph must meet the reporting requirements under Minnesota Statutes, section
116M.18, subdivision 8.
new text end