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HF 2138

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

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 03/07/2019

Current Version - as introduced

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A bill for an act
 relating to economic development; appropriating money for competitive grants to
minority business development assistance services; requiring reports.

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

Section 1. new text begin APPROPRIATION; MINORITY BUSINESS DEVELOPMENT
COMPETITIVE GRANTS.
new text end

new text begin (a) $15,000,000 in fiscal year 2020 and $3,000,000 in fiscal year 2021 are appropriated
from the general fund to the commissioner of employment and economic development for
competitive grants to eligible nonprofit minority business development organizations for
statewide business development and assistance services to minority-owned businesses. This
appropriation is available until June 30, 2021.
 new text end

new text begin (b) Of the appropriation in paragraph (a):
 new text end

new text begin (1) $12,000,000 in fiscal year 2020 is for eligible organizations to create revolving loan
funds to provide additional minority-owned businesses with access to capital; and
 new text end

new text begin (2) $3,000,000 in fiscal year 2020 and $3,000,000 in fiscal year 2021 are for eligible
organizations for operating support activities related to business development and assistance
services for minority business enterprises.
 new text end

new text begin (c) Organizations eligible for the competitive grants under paragraph (b) include: African
Development Center, African Economic Development Solutions, Asian Economic
Development Association, Latino Economic Development Center, Metropolitan Economic
Development Agency, and Northside Economic Opportunity Network.
 new text end

new text begin (d) By February 1, 2022, the commissioner shall report to the chairs and ranking minority
members of the legislative committees with jurisdiction over economic development policy
and finance on the grants awarded to the eligible organizations and the loans, operating
support activities, outcomes, and expenditures supported by the appropriation under this
section.
 new text end