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S.F. No. 2931 - Women of Color Small Business Development Program (A-2 Amendment)
 
Author: Senator Chris A. Eaton
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: April 11, 2016



 

Section 1 [Women of color small business development program], subdivision 1 [definitions] provides definitions for terms used in the section, including “commissioner,” “eligible loan recipient,” “eligible organization,” and “small business.” “Eligible loan recipients” must be a new or existing women of color business with fewer than 50 employees that is not a nonprofit organization or business involved in real estate, exporting, multilevel marketing, adult entertainment, or lending. 

Subdivision 2 [Women of color business development loan program] paragraph (a) establishes a loan program within DEED to award grants to eligible organizations to provide loans for the start-up, expansion, and retention of small businesses that are owned by women of color, and to provide technical assistance, in collaboration with Minnesota's communities of color and organizations that serve women of color.

Paragraph (b) provides loan eligibility conditions and criteria. Specifies that the maximum loan amount may not exceed $20,000.

Subdivision 3 [Revolving loan fund] requires an eligible organization receiving a grant to establish a revolving loan fund. Specifies that loan repayments be deposited in the fund and used for further loan distribution.

Subdivision 4 [Report] requires the commissioner to submit a report to the legislature on activity of the loan program by January 15, 2019.

Section 2 [Appropriation] appropriates $10,000,000 in fiscal year 2017 from the general fund to DEED for the women of color business development loan program. Allows up to a certain percentage of grant awards to be used for administrative expenses.

CDF/syl

 
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