Purpose of the Bill

The purpose of this bill is to allocate funds to support the economic development of microbusinesses, particularly those in underserved communities, through an organization called Isuroon. This initiative aims to promote entrepreneurship, assist with startup costs, and ensure business sustainability.

Main Provisions

• Appropriation of Funds: The bill allocates $4,000,000 in fiscal year 2026 from Minnesota's general fund to Isuroon. This is a one-time appropriation.
• Financial Support for Microbusinesses: The bill provides for:
  • Loans to microbusinesses to stimulate entrepreneurship and economic growth.
  • Grants for startups to cover initial costs, enhance capacity, and sustain operations.
• Technical Assistance and Training: Entrepreneurs will receive guidance on business operations, financial management, and development strategies.
• Business Incubator Program: Establishment of a program offering shared resources, mentorship, and access to professional networks for microbusinesses.

Significant Changes

This bill introduces targeted support for businesses owned by women, immigrants, and people of color in Minnesota. This emphasis on diversity aims to bridge gaps in economic opportunities and foster inclusion.

Reporting Requirements

By January 15, 2027, Isuroon is required to submit a detailed report on the program’s outcomes, including: - Number and amount of loans and grants distributed. - Demographic information of the recipients, including their locations and types of businesses. - Success metrics such as revenue growth, job creation, and participation in the incubator program.

Relevant Terms

• Economic Development
• Microbusinesses
• Loans and Grants
• Technical Assistance
• Business Incubator
• Underserved Communities
• Female Empowerment
• Immigrant-Owned Businesses
• Minority-Owned Businesses