S.F. No. 98 Summary

• 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 capital access to minority-owned businesses.

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

• Designates four eligible organizations: African Development Center, African Economic Development Solutions, Latino Economic Development Center, and Northside Economic Opportunity Network.

• Requires the commissioner to report to legislative committees with jurisdiction over economic development and finance by February 1, 2022, on grants awarded, loans provided, outcomes, and expenditures.