SF 2872

as introduced - 89th Legislature (2015 - 2016) Posted on 03/30/2016 09:13am

A bill for an act
relating to economic development; appropriating money for minority business
development; requiring a report.

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

Section 1. new text begin APPROPRIATION; MINORITY BUSINESS DEVELOPMENT.
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new text begin (a) $4,500,000 in fiscal year 2016 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to the Metropolitan
Economic Development Association (MEDA) for statewide business development and
assistance services, with an emphasis on minority-owned businesses.
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new text begin (b) Of the appropriation in paragraph (a):
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new text begin (1) $3,000,000 is for a revolving loan fund to provide additional minority-owned
businesses with access to capital; and
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new text begin (2) $1,500,000 is for operating support activities related to business development
and assistance services for minority business enterprises.
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new text begin (c) By February 1, 2018, MEDA shall report to the commissioner and the chairs and
ranking minority members of the legislative committees with jurisdiction over economic
development policy and finance on the loans and operating support activities, including
outcomes and expenditures, supported by the appropriation under this section.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
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