HF 4097

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/22/2024 02:56pm

A bill for an act
relating to economic development; appropriating money for a grant to Propel
Nonprofits.

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

Section 1. new text begin APPROPRIATION.
new text end

new text begin $400,000 in fiscal year 2025 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to Propel Nonprofits for a microloan
capital program to provide loans, forgivable loans, or grants for working capital or regranting,
and related technical assistance, to organizations with an annual organizational budget of
less than $1,000,000 that primarily serve historically underserved cultural communities. Of
this amount, up to five percent may be used by Propel Nonprofits for administrative costs.
This is a onetime appropriation.
new text end