Bill > HF2111

This bill appropriates $1,000,000 in fiscal year 2026 from the general fund to the Minnesota Department of Employment and Economic Development to support the Fursad Fund Initiative, administered by the Center for African Immigrants and Refugees Organization (CAIRO). 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 people of color, and having fewer than 25 employees. The initiative provides comprehensive support through three main channels: technical assistance (including business coaching and mentorship), capacity building (helping entrepreneurs navigate regulatory processes and expand networking opportunities), and access to capital through a microloan fund with culturally aligned financial solutions. CAIRO is required to submit a detailed report to the legislature by July 1, 2027, documenting 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 funding distribution and ensure compliance with reporting requirements, with the ultimate goal of supporting and strengthening small businesses in greater Minnesota.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2111&ssn=0&y=2025