MN SF2872

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 minority-owned business development and assistance services.

Allocates $3,000,000 of the appropriation for a revolving loan fund to provide 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 legislative committee chairs and ranking minority members with jurisdiction over economic development policy and finance by February 1, 2018, detailing loans and operating support activities, including outcomes and expenditures.

Becomes effective the day following final enactment.