MN SF2738

Creates a new procurement preference program for targeted group and veteran-owned businesses that are not classified as small businesses, allowing the commissioner to designate such businesses as eligible for preferences under Minnesota Statutes Chapter 16C.

Establishes a three percent procurement preference for specified goods, services, or construction awarded to designated non-small targeted group and veteran-owned businesses.

Applies financial incentives and penalties to larger designated businesses for exceeding or failing to meet subcontracting goals for small business and small targeted group business subcontractors.

Requires the commissioner to collaborate with targeted group and veteran-owned business organizations to develop recommendations for a mentoring program that incentivizes larger businesses to mentor certified small businesses.

Amends Minnesota Statutes section 16C.19 to include certification standards and procedures for businesses designated under the new program and authorizes expedited rulemaking to implement the program.