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Minnesota Legislature

Office of the Revisor of Statutes

SF 2158

1st Engrossment - 88th Legislature (2013 - 2014) Posted on 03/20/2014 10:16am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to economic development; creating a women entrepreneurs business
development competitive grant program; appropriating money; proposing coding
for new law in Minnesota Statutes, chapter 116L.

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

Section 1.

new text begin [116L.99] WOMEN ENTREPRENEURS BUSINESS DEVELOPMENT
GRANT PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For the purposes of this section, the following terms
have the meanings given.
new text end

new text begin (a) "Women-owned business" means a business entity owned or controlled by
women that is organized for profit including, but not limited to, an individual, partnership,
corporation, joint venture, association, or cooperative. "Owned or controlled by women"
means:
new text end

new text begin (1) that the business is at least 51 percent owned by one or more women or, in the
case of any publicly traded business, at least 51 percent of the stock of which is owned by
one or more women; and
new text end

new text begin (2) the business has management and daily business operations that are controlled
by one or more women.
new text end

new text begin (b) "High economic impact firm" means a business that is projected to generate at
least $500,000 in annual revenue and create at least ten high-quality jobs.
new text end

new text begin (c) "Qualified business" means a women-owned business in the field of construction;
transportation; warehousing; agriculture; mining; finance; insurance; professional,
technical, or scientific services; technology; or other high economic impact business.
new text end

new text begin (d) "High-quality job" means a job that pays an annual income equal to at least 150
percent of the federal poverty guideline adjusted for a family size of four.
new text end

new text begin Subd. 2. new text end

new text begin Program created. new text end

new text begin The commissioner of employment and economic
development shall operate a women entrepreneurs business development competitive
grant program to facilitate the creation and expansion of high-growth, high-revenue,
women-owned businesses that are a qualified business.
new text end

new text begin Subd. 3. new text end

new text begin Use of funds. new text end

new text begin Funds available for the purpose of this section may be
used for:
new text end

new text begin (1) entrepreneurial training, mentoring, and technical assistance for the startup or
expansion of businesses owned by women;
new text end

new text begin (2) development of networks of potential investors; and
new text end

new text begin (3) development of a recruitment program for midcareer women with an interest
in starting a qualified business.
new text end

Sec. 2. new text beginAPPROPRIATION.
new text end

new text begin $500,000 is appropriated from the general fund in fiscal year 2014 to the
commissioner of employment and economic development for the purpose of section 1.
This is a onetime appropriation. This appropriation is available until spent.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end