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SF 4327

as introduced - 91st Legislature (2019 - 2020) Posted on 03/17/2020 12:09pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to economic development; appropriating money for competitive grants to
minority business development assistance services.

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

Section 1. new text beginAPPROPRIATION; EMERGING SMALL BUSINESS DEVELOPMENT
COMPETITIVE GRANTS.
new text end

new text begin (a) $3,000,000 in fiscal year 2021 is 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.
new text end

new text begin (b) Of the appropriation in paragraph (a):
new text end

new text begin (1) $2,100,000 in fiscal year 2021 is for eligible organizations to create revolving loan
funds to provide additional minority-owned businesses with access to capital; and
new text end

new text begin (2) $900,000 in fiscal year 2021 is for eligible organizations for operating support
activities related to business development and assistance services for minority business
enterprises.
new text end

new text begin (c) Organizations eligible for the competitive grants under paragraph (b) include: African
Development Center, African Economic Development Solutions, Latino Economic
Development Center, and Northside Economic Opportunity Network.
new text end

new text begin (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.
new text end