MN SF4327

Appropriates $3,000,000 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.

Allocates $2,100,000 for eligible organizations to create revolving loan funds providing minority-owned businesses with access to capital.

Allocates $900,000 for eligible organizations to provide operating support for business development and assistance services to minority business enterprises.

Eligible grant recipients include African Development Center, African Economic Development Solutions, Latino Economic Development Center, and Northside Economic Opportunity Network.

Requires the commissioner to report to legislative committee chairs and ranking minority members by February 1, 2022 on grants awarded, loans provided, outcomes, and expenditures.