Purpose of the Bill

The bill aims to support economic development and job retention for small businesses in St. Paul and West St. Paul, Minnesota. It targets businesses with ten or fewer full-time employees, helping them sustain operations and grow.

Main Provisions

• Funding Appropriations:

  • A total of $3,000,000 is allocated to the city of St. Paul for fiscal year 2026.
  • A total of $2,000,000 is allocated to the city of West St. Paul for fiscal year 2026.

• Use of Funds:

  • The funds can be used for several purposes, including technical assistance to businesses, establishment of revolving loan funds, and issuance of loans and grants. These loans can be no-interest or forgivable. Additionally, grants can cover small business operating expenses.

• Collaboration with Local Organizations:

  • The city of St. Paul will work with the West Side Community Organization.
  • The city of West St. Paul will collaborate with the Residents of Color Collective.

• Duration:

  • The funds will be available until June 30, 2027.

Significant Changes to Existing Law

The bill introduces new appropriations specifically aimed at enhancing economic development efforts for small businesses in St. Paul and West St. Paul. This is a targeted investment that offers both regional and demographic collaboration to boost small business resilience and growth.

Relevant Terms

• Economic development
• Job retention
• Small businesses
• Technical assistance
• Revolving loan funds
• No-interest loans
• Forgivable loans
• Operating expenses
• West Side Community Organization
• Residents of Color Collective