HF4652

Purpose

• The bill provides new funding from Minnesota’s General Fund to support a foundation called the Ignite Businesswomen Investment Group Foundation (IBWIG Foundation).
• The goal is to help women entrepreneurs gain access to capital and receive business development support to start, grow, and sustain their businesses.

Main Provisions

• Section 1(a): A one-time appropriation of 1,400,000 dollars in fiscal year 2027 to the commissioner of employment and economic development (DEED) to grant to IBWIG Foundation. The grant funds a program to establish a women entrepreneurs access to capital and business development fund. Eligible uses include working capital, capacity-building grants, and low-interest loans. The foundation must prioritize women entrepreneurs in underserved and economically disadvantaged communities.
• Section 1(b): A one-time appropriation of 250,000 dollars in fiscal year 2027 to DEED for a grant to IBWIG Foundation to provide capacity building and business development support for women entrepreneurs. Eligible uses include services such as business planning, leadership development, financial literacy, technology training, marketing support, and grants to community-based organizations that specialize in women-focused entrepreneurship support.

Significant Changes to Existing Law

• The bill directs new, one-time General Fund appropriations to DEED for a grant program run by the IBWIG Foundation, establishing a dedicated fund (women entrepreneurs access to capital and business development fund) and related capacity-building activities.
• It does not specify broader statutory changes but creates targeted funding to support women-owned business development and access to capital, with a priority focus on underserved and economically disadvantaged communities.

Onetime Nature and Fiscal Details

• Both appropriations are explicitly described as one-time funding.
• Fiscal year referenced for the appropriations is 2027.

Relevant Terms general fund commissioner of employment and economic development Ignite Businesswomen Investment Group Foundation IBWIG Foundation women entrepreneurs access to capital business development fund working capital capacity-building grants low-interest loans underserved communities economically disadvantaged communities onetime appropriation fiscal year 2027 grants capacity building marketing support leadership development financial literacy technology training community-based organizations