MN SF2931

Creates 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-owned businesses with fewer than 50 employees, excluding nonprofits, real estate development, exporting, multilevel marketing, adult entertainment, and lending businesses.

Establishes loan conditions including fixed interest rates with monthly repayment up to 10 years, no prepayment penalties, preference for borrowers with family income below 80 percent of area median income, and requirement that borrowers invest personal equity equal to at least 10 percent of the loan amount.

Prohibits loan denial based solely on poor or lack of credit rating and allows personal assets including homes, cars, and savings as collateral, while requiring borrowers to be free of tax liens, bankruptcy proceedings, and past-due accounts.

Appropriates unspecified funds from the general fund in fiscal year 2017 and requires the Commissioner to submit a detailed report by January 15, 2019, disaggregated by race, cultural group, family income, geography, immigrant status, language, disability, and homelessness status.