MN HF4296

$3,000,000 appropriated from the general fund in fiscal year 2021 to the commissioner of employment and economic development for competitive grants to eligible nonprofit minority business development organizations, available until June 30, 2021.

$2,100,000 of the appropriation directed to eligible organizations to create revolving loan funds providing minority-owned businesses access to capital.

$900,000 of the appropriation directed to eligible organizations for operating support activities related to business development and assistance services for minority business enterprises.

Eligible organizations for grants include African Development Center, African Economic Development Solutions, Latino Economic Development Center, and Northside Economic Opportunity Network.

Commissioner must report by February 1, 2022 to legislative committees with jurisdiction over economic development policy and finance on grants awarded, loans provided, operating support activities, outcomes, and expenditures.