MN HF3343

Appropriates $4,500,000 from the general fund in fiscal year 2016 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 emphasizing minority-owned businesses

Allocates $3,000,000 of the appropriation to a revolving loan fund providing minority-owned businesses with access to capital

Allocates $1,500,000 of the appropriation for operating support activities related to business development and assistance services for minority business enterprises

Requires MEDA to report to the commissioner and relevant legislative committee chairs and ranking minority members by February 1, 2018, on loans and operating support activities including outcomes and expenditures

Effective date is the day following final enactment