MN SF2730

Appropriates $500,000 from the general fund in fiscal year 2017 to the commissioner of employment and economic development for small business development center (SBDC) services supporting business transition planning

Defines business transition planning to include succession planning for next generation proprietors (excluding immediate family members) and matching business owners seeking to sell with aspiring business owners

Allows matching services to target small businesses in economically disadvantaged communities or areas of declining population, defined as communities with average household income below 80 percent of statewide median household income

Authorizes funds to provide information and counseling services on business transition, succession planning, and financing options related to business sales and ownership transfers

Permits use of appropriated funds to build SBDC staff capacity and to match federal Small Business Development Center Program funds with other federal, state, or local funding sources