Purpose of the Bill

The bill aims to support economic development and job retention for small businesses in the cities of St. Paul and West St. Paul, Minnesota.

Main Provisions

• Funding Allocation: The bill allocates $3,000,000 to St. Paul and $2,000,000 to West St. Paul for fiscal year 2026. This funding is set aside to help small businesses with economic development and job retention.
• Use of Funds: The funds are intended for:
  • Technical assistance to small businesses.
  • Creating revolving loan funds.
  • Issuing no-interest and forgivable loans.
  • Providing grants for operating expenses of small businesses.

Significant Changes to Existing Law

• This bill introduces new appropriations specifically designated for small businesses with ten or fewer full-time employees in St. Paul and West St. Paul.
• The funding is meant to help these small businesses with specific financial tools like revolving loan funds and grants, which did not exist previously under this provision.

Relevant Terms

• Economic development
• Job retention
• Small businesses
• Revolving loan funds
• No-interest loans
• Forgivable loans
• Operating expenses