Purpose of the Bill

The purpose of this bill is to support economic development in Minnesota by providing financial resources to WomenVenture, a nonprofit organization. The focus is on aiding child care providers and women entrepreneurs in the food industry.

Main Provisions

• Appropriation: The bill allocates $8 million from the general fund for the fiscal year 2026 to WomenVenture.
• Support for Child Care Providers: Funds will be used to help child care providers with business training, shared services programs, and creating free operational materials. The aim is to help these businesses, particularly in underserved areas, to become profitable and sustainable.
• Women Food Entrepreneurs: The bill supports women in Minnesota's food supply chain by stabilizing and strengthening their business operations. This includes assisting with distribution networks, providing technical assistance, developing business plans, workforce research, and expansion strategies.

Eligible Uses of Funds

The fund can be used for: - Leasehold improvements - Rented space alterations - Emergency grant funding due to natural disasters - Inventory or supplies - Machinery or equipment purchases - Working capital - Debt refinancing

Financial Support Overview

• Funds may be given as loans, forgivable loans, or grants.
• Up to 5% of the appropriation can be used for WomenVenture's technical assistance and administrative costs.
• This is a one-time appropriation available until June 30, 2028.

Reporting Requirement

WomenVenture must submit a report by December 15, 2028, to the relevant legislative committees. The report should detail: - Use of the appropriation and administrative costs breakdown. - Amounts used for loans, forgivable loans, and grants, including loan terms. - The use of repaid loan funds, the number of entrepreneurs assisted, and a county-by-county breakdown of assistance.

Significant Changes to Existing Law

The bill introduces a new financial grant specifically aimed at supporting child care providers and women food entrepreneurs, which is a targeted effort that was not previously specified.

Relevant Terms

• Economic development
• WomenVenture
• Child care providers
• Women entrepreneurs
• Food supply chain
• Loans and grants
• Business training and support