MN HF3536

Appropriates $9,500,000 from the general fund in fiscal year 2023 to the commissioner of employment and economic development for a grant to the Neighborhood Development Center as a onetime appropriation.

Allocates $2,000,000 for current and new small business incubators to assist with capital investment needs.

Allocates $1,000,000 to support development of small business incubators outside the seven-county metropolitan area.

Allocates $1,000,000 for recourse lending capital and loan loss reserves for high-risk lending.

Allocates $3,500,000 for real estate lending capital to help entrepreneurs purchase or redevelop commercial properties and $2,000,000 for nonrecourse lending capital for low-income and BIPOC entrepreneurs with customized loan terms.