Bill > SF3326

This bill appropriates state funding for three targeted economic development initiatives. First, $4 million is allocated to the African Development Center in fiscal year 2026, with funds specifically designated for small business loans ($2 million), loan loss reserves to attract additional capital ($910,000), and organizational capacity building ($1,090,000). Second, $500,000 is appropriated for grants to social benefit corporations that employ underserved populations, with the goal of helping organizations grow from employing up to 15 people to 30 people. These grants can be used for wage subsidies, workforce training, and employment support services. Grant recipients must submit reports detailing new employee hires and job retention metrics. Third, $300,000 is allocated for grants supporting small businesses in St. Paul's Midway area, with a specific focus on African immigrant business owners to foster economic growth and job creation. These grants also require recipients to submit reports on fund usage, new employee hires, and economic impact. All appropriations are one-time funding available until June 30, 2027, and will be administered by the commissioner of employment and economic development.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3326&ssn=0&y=2025