as introduced - 91st Legislature (2019 - 2020) Posted on 03/09/2020 01:31pm
A bill for an act
relating to economic development; appropriating money for competitive grants to
minority business development assistance services.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) $3,000,000 in fiscal year 2021 is 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.
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(b) Of the appropriation in paragraph (a):
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(1) $2,100,000 in fiscal year 2021 is for eligible organizations to create revolving loan
funds to provide additional minority-owned businesses with access to capital; and
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(2) $900,000 in fiscal year 2021 is for eligible organizations for operating support
activities related to business development and assistance services for minority business
enterprises.
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(c) Organizations eligible for the competitive grants under paragraph (b) include: African
Development Center, African Economic Development Solutions, Latino Economic
Development Center, and Northside Economic Opportunity Network.
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(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.
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