SF2828

Purpose of the Bill

The purpose of this bill is to promote economic development by appropriating funds to Isuroon, an organization tasked with supporting microbusinesses. The bill aims to spur entrepreneurship especially in underserved communities within Minnesota.

Main Provisions

• Funding: The bill allocates $4,000,000 for fiscal year 2026 from the general fund to be used as a grant for Isuroon.
• Microbusiness Support:
  • Loans and grants will be provided to microbusinesses to help with startup costs, capacity building, and sustainability.
  • Technical assistance and training for entrepreneurs will be offered, focusing on improving business operations, financial management, and development strategies.
  • A business incubator program will be set up to provide shared resources, mentorship, and networking opportunities.

Priority Consideration

• The initiatives will prioritize businesses owned by women, immigrants, and members of communities of color.

Reporting Requirements

• By January 15, 2027, Isuroon must report on:
  • The number and total amounts of loans and grants distributed.
  • Demographic information of the recipients, including geographic and business type.
  • Business outcomes, such as revenue growth, job creation, and participation in the business incubator program.

Relevant Terms

economic development, microbusinesses, loans, grants, technical assistance, business incubator, entrepreneurship, underserved communities, women-owned businesses, immigrant-owned businesses, communities of color, Isuroon.