as introduced - 91st Legislature (2019 - 2020) Posted on 03/20/2019 04:02pm
A bill for an act
relating to economic development; appropriating money for competitive grants to
minority business development assistance services; requiring reports.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) $15,000,000 in fiscal year 2020 and $3,000,000 in fiscal year 2021 are 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) $12,000,000 in fiscal year 2020 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) $3,000,000 in fiscal year 2020 and $3,000,000 in fiscal year 2021 are 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, Asian Economic
Development Association, Latino Economic Development Center, Metropolitan Economic
Development Agency, 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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