HF 463

Introduction - 91st Legislature (2019 - 2020)

Posted on 02/21/2019 05:14 p.m.

A bill for an act
relating to economic development; appropriating money for a grant to African
Economic Development Solutions (AEDS).

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION; AFRICAN ECONOMIC DEVELOPMENT
SOLUTIONS.
new text end

new text begin $2,000,000 in fiscal year 2020 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to African Economic Development
Solutions (AEDS) for a revolving loan fund and technical assistance services to support
new and existing African immigrant entrepreneurs in order to address pervasive economic
inequities. This is a onetime appropriation. Of this amount:
new text end

new text begin (1) $1,500,000 is for creation of a business revolving loan fund; and
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new text begin (2) $500,000 is for technical assistance including but not limited to business development,
entrepreneur training, business technical assistance, loan packing, and community
development services.
new text end