HF 2263

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/27/2023 03:06pm

A bill for an act
relating to economic development; appropriating money for small business growth
acceleration; requiring a report.

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

Section 1. new text begin APPROPRIATION; SMALL BUSINESS GROWTH ACCELERATION
PROGRAM.
new text end

new text begin $1,000,000 in fiscal year 2024 and $1,000,000 in fiscal year 2025 are appropriated from
the general fund to the commissioner of employment and economic development for a grant
to Enterprise Minnesota, Inc., to directly invest in Minnesota manufacturers for the small
business growth acceleration program under Minnesota Statutes, 116O.115. This is a onetime
appropriation.
new text end

Sec. 2. new text begin APPROPRIATION; ENTERPRISE MINNESOTA, INC.
new text end

new text begin (a) $1,000,000 in fiscal year 2024 and $1,000,000 in fiscal year 2025 are appropriated
from the general fund to the commissioner of employment and economic development for
a grant to Enterprise Minnesota, Inc., to reach and deliver talent, leadership, employee
retention, continuous improvement, strategy, quality management systems, revenue growth,
and manufacturing peer-to-peer advisory services to small manufacturing companies
employing 35 or fewer full-time equivalent employees.
new text end

new text begin (b) No later than February 1, 2025, and February 1, 2026, Enterprise Minnesota, Inc.,
must provide a report to the chairs and ranking minority members of the legislative
committees with jurisdiction over economic development that includes:
new text end

new text begin (1) the funds awarded during the past 12 months;
new text end

new text begin (2) the estimated financial impact of the funds awarded to each company receiving
service under the program;
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new text begin (3) the actual financial impact of funds awarded during the past 24 months; and
new text end

new text begin (4) the total amount of federal funds leveraged from the Manufacturing Extension
Partnership at the United States Department of Commerce.
new text end