Bill > SF2219

This bill appropriates $1,000,000 in fiscal year 2026 to the Center for African Immigrants and Refugees Organization (CAIRO) to administer the Fursad Fund Initiative, which aims to support small businesses in greater Minnesota. The funding is specifically targeted at small businesses located outside the seven-county metropolitan area, owned by historically underserved entrepreneurs such as immigrants, refugees, and communities of color, and having fewer than 25 employees. The initiative will provide support through three main channels: technical assistance and business coaching (including mentorship, business planning, and financial literacy training), capacity building (helping businesses navigate regulations and expand networking opportunities), and access to capital through a microloan fund with alternative lending models. CAIRO is required to submit a comprehensive report to the legislature by July 1, 2027, detailing the program's impact, including the number of businesses served, capital deployed, job creation, revenue growth, and recommendations for future improvements. The Department of Employment and Economic Development will oversee the funding distribution and ensure compliance with reporting requirements, with the ultimate goal of supporting economic development in greater Minnesota.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2219&ssn=0&y=2025