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MN SF3639
Bill
Status
Introduced
3/2/2022
Primary Sponsor
Bobby Champion
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AI Summary
- Appropriates $1,000,000 from the general fund in fiscal year 2023 to the commissioner of employment and economic development for a grant to the Metropolitan Economic Development Association (MEDA)
- MEDA must distribute funds as grants or loans to nonprofit business development organizations to create or supplement revolving loan funds providing capital access to Minnesota small businesses
- Grant funding must be matched with at least an equal amount from nonstate sources through the Minnesota Inclusive Growth Fund
- Funds must be distributed to 75 percent minority-owned businesses and 25 percent women-owned, veteran-owned, or disability-owned businesses, to the extent practicable
Legislative Description
Minority business development appropriation
Last Action
Author added Lopez Franzen
3/30/2022
Committee Referrals
Jobs and Economic Growth Finance and Policy3/2/2022
Full Bill Text
No bill text available