SF 2030

as introduced - 90th Legislature (2017 - 2018) Posted on 03/14/2017 09:46am

A bill for an act
relating to economic development; appropriating money for loans to small
businesses run by East African women.

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

Section 1. new text begin EAST AFRICAN WOMEN'S ENTREPRENEURSHIP FUND;
APPROPRIATION.
new text end

new text begin $400,000 in fiscal year 2018 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the African Development Center
for the creation of the East African women's entrepreneurship fund. This fund must be used
to make loans to East African women entrepreneurs of up to $25,000 for starting a new
business and of up to $15,000 for expanding a business. Loan repayments must remain
within the fund and be used for issuing additional loans. This is a onetime appropriation
and funds are available until June 30, 2020.
new text end