1.1 	A bill for an act
1.2 	relating to economic development; appropriating money for a grant to the 
1.3 	Neighborhood Development Center.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. THE NEIGHBORHOOD DEVELOPMENT CENTER; APPROPRIATION.
 1.6 	(a) $9,500,000 in fiscal year 2023 is appropriated from the general fund to the 
1.7 	commissioner of employment and economic development for a grant to the Neighborhood 
1.8 	Development Center. This is a onetime appropriation.
1.9 	(b) Of the amount appropriated:
1.10 	(1) $2,000,000 is for the Neighborhood Development Center's current and new small 
1.11 	business incubators to assist with capital investment needs;
1.12 	(2) $1,000,000 is to support the development of small business incubators outside the 
1.13 	seven-county metropolitan area as defined in Minnesota Statutes, section 473.121, subdivision 
1.14 	2;
1.15 	(3) $1,000,000 is to leverage additional loan dollars in recourse lending capital and for 
1.16 	loan loss reserve for high-risk lending to mitigate losses;
1.17 	(4) $3,500,000 is for real estate lending capital to assist entrepreneurs to purchase 
1.18 	commercial properties or to redevelop a property already owned by an entrepreneur; and
1.19 	(5) $2,000,000 is for nonrecourse lending capital for low-income entrepreneurs, with 
1.20 	an emphasis on BIPOC entrepreneurs, with loan payment schedules and terms customized 
1.21 	to the entrepreneur.