Community wealth-building grant program created, community wealth-building account created, reports required, and money appropriated.
Impact
The bill will create a Community Wealth-Building Account, from which funds will be allocated to support the grant program. An appropriation of $15 million is provided for the first fiscal year to kickstart these efforts, with subsequent annual appropriations set at $2 million. Moreover, the program emphasizes accountability and transparency, requiring annual reports to track the impact of financial support on job creation and community business development, and independent audits to ensure oversight and effective use of funds.
Summary
House File 318 establishes the Community Wealth-Building Grant Program aimed at promoting economic development through a series of grants to partner organizations that will support community businesses, particularly those that are owned by or serve targeted groups. The bill defines 'community businesses' as cooperatives, employee-owned businesses, or commercial land trusts that are primarily owned by individuals from specific demographics including low-income individuals, people of color, and veterans. This initiative is positioned to enhance business growth in low-income areas and assist displaced businesses through low-interest loans and tailored support.
Contention
Debates around HF318 may center on its implementation and effectiveness, particularly regarding how well it addresses the needs of targeted groups and the administrative aspects of grant distribution. Critics might raise concerns about whether the program can effectively balance funding distribution between urban and rural community businesses. Additionally, questions about the efficacy of low-interest loans in genuinely fostering economic sustainability within these communities may lead to discussions on the potential return on investment and long-term benefits of such interventions.
Small business assistance partnerships grant program, Minnesota expanding opportunity fund program, Minnesota emerging entrepreneur program, and community wealth-building grant program pilot project technical changes made.
Technical changes to the small business assistance partnerships grant program, Minnesota expanding opportunity fund program, Minnesota emerging entrepreneur program, and community wealth-building grant program pilot project
Uses of state supplementary weatherization grants expanded, weatherization training grant program established, account created, report required, and money appropriated.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.