HF 2137

as introduced - 91st Legislature (2019 - 2020) Posted on 03/07/2019 02:47pm

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.
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new text begin (a) $4,500,000 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
a grant to the Metropolitan Economic Development Association (MEDA) for statewide
business development and assistance services to minority-owned businesses.
new text end

new text begin (b) Of the appropriation in paragraph (a):
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new text begin (1) $3,000,000 in fiscal year 2020 is for a revolving loan fund to provide additional
minority-owned businesses with access to capital; and
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new text begin (2) $1,500,000 in fiscal year 2020 and $1,500,000 in fiscal year 2021 are for operating
support activities related to business development and assistance services for minority
business enterprises.
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new text begin (c) By February 1, 2022, 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