as introduced - 93rd Legislature (2023 - 2024) Posted on 09/21/2023 09:21am
A bill for an act
relating to economic development; appropriating money for business loans,
technical assistance, and capacity building to nonprofits serving the African
immigrant community.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$3,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to African Career, Education, and
Resource, Inc., for operational infrastructure and technical assistance to small businesses.
This is a onetime appropriation and is available until June 30, 2025.
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$10,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the African Development Center
to provide loans to purchase commercial real estate and to expand organizational
infrastructure. This is a onetime appropriation and is available until June 30, 2025. Of this
amount:
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(1) $7,000,000 is for loans to purchase commercial real estate targeted at African
immigrant small business owners;
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(2) $910,000 is for loan loss reserves to support loan volume growth and attract additional
capital; and
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(3) $2,090,000 is for increasing organizational capacity.
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$12,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to African Economic Development
Solutions to create a revolving loan fund to help primarily immigrant entrepreneurs develop
commercial real estate in the Hamline-Midway neighborhood. This is a onetime appropriation
and is available until June 30, 2025. Of this amount:
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(1) $10,000,000 is for loans to purchase commercial real estate targeted at African
immigrant small business owners; and
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(2) $2,000,000 is for providing technical assistance to small business owners.
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$3,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the New African Development
Center for operational infrastructure and technical assistance to small businesses. This is a
onetime appropriation and is available until June 30, 2025.
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$900,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Minnesota African Coalition
to provide technical assistance to small businesses and nonprofits and to increase
organizational capacity. This is a onetime appropriation and is available until June 30, 2025.
Of this amount:
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(1) $420,000 is for technical assistance and business navigation, procurement and contract
training, certifications, process improvement, and business development services;
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(2) $280,000 is for development and deployment of a software system to boost access
to high-quality volunteer services for community nonprofits; and
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(3) $200,000 is for increasing organizational capacity.
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$1,500,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Liberian Business Association
in the Diaspora to provide financial literacy training and technical assistance to primarily
minority business owners in Brooklyn Park. This is a onetime appropriation and is available
until June 30, 2025.
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$150,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to Brooklyns Minority Businesswomen
Network for organizational capacity building and providing technical assistance to small
businesses. This is a onetime appropriation and is available until June 30, 2025.
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