MN HF3099

Establishes a Women of Color Small Business Development Program administered by the Commissioner of Employment and Economic Development to provide loans for start-up, expansion, and retention of small businesses owned by women of color in Ramsey County.

Defines eligible loan recipients as women of color (American Indian, Asian, Black, or Hispanic females age 18+) seeking to start a business or existing women of color-owned businesses with fewer than 50 employees, excluding nonprofits, real estate, exporting, multilevel marketing, adult entertainment, and lending businesses.

Sets loan conditions including fixed interest rates with monthly repayment for up to 10 years, no prepayment penalties, maximum loan amounts, commitment fees, collateral filing fees, and requirement that borrowers invest personal equity equal to at least 10 percent of the loan principal.

Prohibits loan denial based solely on poor or lack of credit rating, allows personal assets as collateral, and requires technical assistance be available for the entire loan term; gives preference to borrowers with family income not exceeding 80 percent of area median income.

Requires Commissioner to submit a report by January 15, 2019 to legislative committees detailing program activity disaggregated by race, cultural group, family income, geography, immigration status, language, disability status, and homelessness.