SF2219 (Legislative Session 94 (2025-2026))
Furstad Fund Initiative grant appropriation to support small businesses in greater Minnesota through technical assistance, capacity building and access to capital
Related bill: HF2111
AI Generated Summary
This bill, Minnesota Senate File No. 2219, proposes an appropriation of $1,000,000 for fiscal year 2026 from the general fund to support small businesses in greater Minnesota (i.e., outside the seven-county metropolitan area). The funds will be allocated to the Center for African Immigrants and Refugees Organization (CAIRO) to administer the Fursad Fund Initiative.
Key Provisions:
Eligibility Criteria:
- Businesses must be located outside the seven-county metro area.
- They must be owned by historically underserved entrepreneurs, including immigrants, refugees, and communities of color.
- They should have fewer than 25 employees and demonstrate financial need for capital investment or technical assistance.
- Businesses must be located outside the seven-county metro area.
Use of Funds:
- Grants or loans will support small businesses through:
- Technical assistance and business coaching (mentorship, business planning, financial literacy training, industry-specific workshops, etc.).
- Capacity building (assistance with regulatory processes, financial planning, networking, and peer learning opportunities).
- Access to capital (microloan fund and alternative lending models for culturally aligned financial solutions).
- Technical assistance and business coaching (mentorship, business planning, financial literacy training, industry-specific workshops, etc.).
- Grants or loans will support small businesses through:
Reporting Requirements:
- CAIRO, in collaboration with the Minnesota Department of Employment and Economic Development (DEED), must submit a report by July 1, 2027. The report should include:
- The number and geographic distribution of businesses served.
- The amount of capital deployed and loan repayment rates.
- Job creation impact and revenue growth.
- Recommendations for program improvements and possible expansion.
- The number and geographic distribution of businesses served.
- CAIRO, in collaboration with the Minnesota Department of Employment and Economic Development (DEED), must submit a report by July 1, 2027. The report should include:
Oversight:
- DEED will oversee the funding distribution and ensure compliance with state and federal reporting requirements.
- DEED will oversee the funding distribution and ensure compliance with state and federal reporting requirements.
This bill aims to strengthen small businesses owned by underserved entrepreneurs in greater Minnesota by providing financial support, business development resources, and regulatory guidance.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 05, 2025 | House | Floor | Action | Introduction and first reading | |
| March 05, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 05, 2025 | House | Floor | Action | Referred to | Jobs and Economic Development |
| March 05, 2025 | Senate | Floor | Action | Referred to | Jobs and Economic Development |
Citations
[
{
"analysis": {
"added": [
"Applies definitions to criteria for business eligibility."
],
"removed": [
""
],
"summary": "Defines the seven-county metropolitan area in Minnesota for eligibility in economic development grants.",
"modified": [
""
]
},
"citation": "473.121",
"subdivision": "subdivision 2"
}
]