H.F. 5433 Summary

• Modifies the Business and Community Development appropriation by reducing the total from $195,061,000 to $139,929,000, with the General Fund reduced from $193,011,000 to $137,879,000.

• Maintains funding for major economic development programs including the PROMISE grant program ($47,475,000 per year), Minnesota job creation fund ($8,000,000 per year), and Minnesota investment fund ($12,370,000 per year).

• Allocates $5,000,000 in the first year for the Canadian border counties economic relief program, including up to $1,000,000 for Tribal economic development and $2,100,000 for Lake of the Woods County's forgivable loan program for remote recreational businesses.

• Provides significant funding for business support organizations serving minority-owned, women-owned, and underserved entrepreneurs through grants to groups including MEDA ($12,000,000), Neighborhood Development Center ($39,500,000), and various community development organizations.

• Funds child care expansion initiatives ($6,500,000 annually) and workforce development programs, with all appropriations effective retroactively from July 1, 2023.