HF841 Summary

• Establishes the Women of Color Small Business Development Program, providing grants through nonprofit organizations for loans to women of color starting or expanding small businesses with flexible terms including fixed interest rates, up to 10-year repayment, and no penalties for prepayment.

• Creates competitive grant programs for financial literacy instruction for girls and women of color (ages through 17 and 18+) to be provided by community organizations, schools, and postsecondary institutions in culturally specific, primary language formats.

• Establishes pilot grant programs to encourage girls of color to explore STEM careers and increase academic success, with grant recipients required to develop replicable model programs.

• Appropriates unspecified amounts from the general fund for fiscal year 2020 to the Commissioner of Employment and Economic Development and Commissioner of Education for these programs and related initiatives including a Women's Foundation of Minnesota internship program.

• Requires reports by January 15, 2022 detailing program activities, expenditures, and outcomes disaggregated by race, cultural group, family income, geographic location, immigrant status, English learner status, disability, and homelessness.