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SF 1618

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/11/2021 04:56pm

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to economic development; appropriating money for minority business
development.

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

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

new text begin (a) $15,000,000 in fiscal year 2022 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to the Metropolitan
Economic Development Association (MEDA) to make grants or loans to nonprofit business
development organizations to supplement or create new revolving loan funds to provide
access to business capital to Minnesota small businesses. This grant must be matched with
at least an equal amount from nonstate sources in the Minnesota Inclusive Growth Fund.
 new text end

new text begin (b) Funds shall be distributed by the nonprofit business development organizations, to
the extent practicable, as follows:
 new text end

new text begin (1) 75 percent to minority-owned businesses; and
 new text end

new text begin (2) 25 percent to women-owned businesses, veteran-owned businesses, or businesses
owned by a person with a substantial physical disability.
 new text end