SF 5178

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/26/2024 08:41am

A bill for an act
relating to economic development; establishing the period from April 25 to May
25 as Underserved Business Month; appropriating money; proposing coding for
new law in Minnesota Statutes, chapter 10.

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

Section 1.

new text begin [10.598] UNDERSERVED BUSINESS MONTH.
new text end

new text begin The time period beginning April 25 and ending May 25 is designated Underserved
Business Month in recognition of the state's desire to promote the economic growth of all
Minnesota communities, including communities that have been marginalized and denied
capital, resources, and other state support. Underserved businesses are those that have
traditionally been exposed to underinvestment and faced barriers in accessing credit, capital,
and other resources needed for business growth. These business owners include individuals
who are BIPOC (Black, Indigenous, People of Color), veterans, and low-wealth individuals,
who are often located in inner cities, disaster-impacted areas, or underserved communities
that have been historically marginalized. The state declares that in order to educate the
public and promote the development of underserved businesses, the governor may promote
and encourage the observance of Underserved Business Month.
new text end

Sec. 2. new text begin APPROPRIATION; UNDERSERVED BUSINESS MONTH.
new text end

new text begin $....... in fiscal year 2025 is appropriated from the workforce development fund to the
commissioner of employment and economic development for grants to underserved
businesses during Underserved Business Month.
new text end