MN HF3475

Appropriates $1,000,000 in fiscal year 2023 from the general fund to the commissioner of employment and economic development for a grant to the Metropolitan Economic Development Association (MEDA).

MEDA must make grants or loans to nonprofit business development organizations to supplement or create new revolving loan funds providing access to business capital for Minnesota small businesses.

Grant funding must be matched with at least an equal amount from nonstate sources in the Minnesota Inclusive Growth Fund.

Requires nonprofit business development organizations to distribute funds as follows: 75 percent to minority-owned businesses and 25 percent to women-owned businesses, veteran-owned businesses, or businesses owned by persons with substantial physical disabilities.