SF5197

Purpose

This bill provides a one-time, state-funded grant to support equitable economic development in northeast Minnesota. It aims to strengthen community-based organizations, enhance the vitality of commercial corridors, and expand access to resources and technical assistance through the Entrepreneurial Ecosystem Network.

Main Provisions

• Appropriation: Sets aside $1,500,000 from the General Fund in fiscal year 2027.
• Recipient: The Duluth office of the Local Initiatives Support Corporation (LISC).
• Objective: To advance equitable economic development in northeast Minnesota by:
  • Strengthening community-based organizations
  • Enhancing the vitality of commercial corridors
  • Expanding access to resources and technical assistance via the Entrepreneurial Ecosystem Network
• Authorized uses for the funds: Workshops; community and organizational networking and learning experiences; staff resources; leveraging additional grant dollars; and as lending capital.
• Nature of funding: One-time appropriation (not ongoing).

Funding, Administration, and Scope

• Source: General Fund.
• Administration: Through the Commissioner of Employment and Economic Development.
• Geographic focus: Northeast Minnesota, specifically via the Duluth office of LISC.
• Timeframe: Available in fiscal year 2027 as a one-time grant.

Significance and Changes to Existing Law

• This bill creates a new, one-time appropriation focused on a targeted economic development effort in northeast Minnesota.
• No ongoing program funding is established; the grant is a one-time allocation to support LISC’s activities in Duluth.

Implementation Notes (practical impact)

• The grant is intended to fund activities that build local economic capacity, support entrepreneurship, and improve access to resources for community organizations and borrowers, potentially leveraging additional private or public funding.

Relevant Terms

Local Initiatives Support Corporation (LISC), Duluth, northeast Minnesota, equitable economic development, community-based organizations, commercial corridor vitality, economic development, Entrepreneurial Ecosystem Network, grants, workshops, networking, learning experiences, staff resources, leveraging additional grant dollars, lending capital, General Fund, Department of Employment and Economic Development, one-time appropriation, fiscal year 2027.