SF3326

SF3326 (Legislative Session 94 (2025-2026))

African Development Center, social benefit corporations and small businesses in the St. Paul Midway area grants appropriations

Related bill: HF3061

AI Generated Summary

Purpose of the Bill

The bill is designed to boost economic development through financial support and grants. It aims to assist small businesses, social benefit corporations, and the African Development Center. These efforts are targeted towards increasing business capacities, promoting job creation, and supporting underserved populations.

Main Provisions

African Development Center Funding:
- Allocates $4,000,000 in fiscal year 2026 for the African Development Center.
- Funds are distributed as follows:
  - $2,000,000 for loans to help small business owners purchase commercial real estate.
  - $910,000 for loan loss reserves to increase loan volumes and attract more capital.
  - $1,090,000 for enhancing organizational capacity building.
Social Benefit Corporations Grants:
- Allocates $500,000 for social benefit corporations that provide jobs to underserved communities.
- Aims to expand workforce capacity and increase employment within these corporations.
- Grants can be used for wage subsidies, workforce training, and job support services such as job coaching.
St. Paul Midway Area Business Support:
- Allocates $300,000 to support small businesses in the St. Paul Midway area.
- Focuses on helping African immigrant business owners with stability and workforce expansion.
- Emphasizes fostering economic growth and job creation.

Reporting Requirements

Recipients of funds must report to the commissioner of employment and economic development on how the grant money was used.
Reports must include information such as the number of new employees hired and metrics regarding job retention and satisfaction, within a year of receiving the grant.

Significant Changes to Existing Law

The bill introduces specific financial appropriations aiming at fostering economic development through targeted grants. It specifies how funds should be distributed and stipulates that these appropriations are one-time and available through June 30, 2027.

Relevant Terms

Economic development
African Development Center
Social benefit corporations
Small businesses
Grants
Job creation
Fiscal year 2026
Loan loss reserves
Workforce training
African immigrant business owners
St. Paul Midway area

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
April 06, 2025	Senate	Floor	Action	Introduction and first reading
April 06, 2025	Senate	Floor	Action	Referred to	Jobs and Economic Development

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Section 304A.011 is being referenced to define social benefit corporations.",
      "modified": []
    },
    "citation": "304A.011",
    "subdivision": ""
  }
]