HF3061

HF3061 (Legislative Session 94 (2025-2026))

African Development Center, social benefit corporations, and small businesses in the St. Paul Midway area funding provided; reports required; and money appropriated.

Related bill: SF3326

AI Generated Summary

Purpose of the Bill

This bill aims to boost economic development in Minnesota by providing financial support through grants. These grants target the African Development Center, social benefit corporations, and small businesses in the St. Paul Midway area. The goal is to promote business growth, increase employment opportunities, and support business stability.

Main Provisions

African Development Center Funding: A total of $4,000,000 is allocated for the fiscal year 2026 to support the African Development Center. The funds are distributed as follows:
1. $2,000,000 for loans to help small business owners purchase commercial real estate.
2. $910,000 for loan loss reserves to facilitate increased lending and attract more capital.
3. $1,090,000 for boosting organizational capacity.
Support for Social Benefit Corporations: $500,000 is allocated to social benefit corporations—organizations defined under Minnesota law that provide employment for underserved populations. The aim is to expand their workforce from 15 to 30 employees. The funds can be used for wage subsidies, workforce training, and employment support services such as job coaching and retention initiatives.
St. Paul Midway Area Business Support: $300,000 is designated to support small businesses in the St. Paul Midway area, focusing on businesses owned by African immigrants. The grants aim to encourage economic growth, business stability, and job creation.

Significant Changes to Existing Law

The bill introduces a new appropriation of funds from Minnesota's general fund for specified economic development grants, with detailed reporting requirements on their usage. This is a one-time funding action, available until June 30, 2027.

Relevant Terms

African Development Center
Social benefit corporations
General fund
Loan loss reserves
Capacity building
Employment opportunities
Workforce training
Job coaching
St. Paul Midway area
Economic growth
African immigrant business owners

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
April 01, 2025	House	Floor	Action	Introduction and first reading, referred to	Workforce, Labor, and Economic Development Finance and Policy

Citations

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      "added": [
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      "summary": "Appropriations are made to social benefit corporations as defined in Minnesota Statutes section 304A.011.",
      "modified": [
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    "citation": "304A.011",
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