Purpose of the Bill

The bill aims to improve economic development in Minnesota by providing financial support and training to child care providers and women entrepreneurs involved in the food supply chain. The focus is on helping these businesses become sustainable and profitable, especially in underserved areas.

Main Provisions

• Funding Allocation: The bill appropriates $8,000,000 from the state’s general fund for the fiscal year 2026. This money is allocated to the commissioner of employment and economic development to provide a grant to WomenVenture.
• Support for Child Care Providers: The grant will fund business training, shared services programs, and the creation of free materials to assist in starting, expanding, and operating child care businesses.
• Support for Women Food Entrepreneurs: Funds will assist women entrepreneurs in the food supply chain with business expansion, creating distribution networks, offering technical assistance, and developing business plans.
• Use of Funds: The money can be used for various purposes, including leasehold improvements, renovations, emergency funding for natural disasters, purchasing inventory or equipment, working capital, and debt refinancing.

Significant Changes to Existing Law

The bill introduces a new one-time appropriation to support specific economic development initiatives for a limited period up to June 30, 2028. This allocation is specifically targeted at aiding child care providers and women in agribusiness.

Additional Requirements

• Reporting: WomenVenture must submit a detailed report by December 15, 2028. This report will include a summary of how the funds were used, breakdowns of loans and grants, terms of issued loans, and details of entrepreneur assistance by county.

Relevant Terms

• Economic development
• Child care providers
• Women entrepreneurs
• Food supply chain
• Business training
• Shared services
• Grant
• Forgivable loans