1.1 A bill for an act
1.2 relating to economic development; appropriating money for Isuroon to support
1.3 microbusinesses through loans, grants, technical assistance, and a business incubator
1.4 program; requiring a report.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. APPROPRIATION; ISUROON ECONOMIC DEVELOPMENT
1.7PROGRAM.
1.8 (a) $4,000,000 in fiscal year 2026 is appropriated from the general fund to the
1.9commissioner of employment and economic development under Minnesota Statutes, section
1.10116J.8731, for a grant to Isuroon. This is a onetime appropriation.
1.11 (b) The appropriation must be used to:
1.12 (1) provide loans to microbusinesses to promote entrepreneurship and economic growth
1.13in underserved communities;
1.14 (2) award grants to microbusinesses to support start-up costs, capacity building, and
1.15business sustainability;
1.16 (3) deliver technical assistance and training to entrepreneurs, including support for
1.17business operations, financial management, and development strategies; and
1.18 (4) establish and operate a business incubator program to support microbusinesses with
1.19shared resources, mentorship, and access to professional networks.
1.20 (c) Priority must be given to businesses owned by women, immigrants, and members
1.21of communities of color in Minnesota.
1Section 1.
REVISOR SS/CH 25-0434503/05/25
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 2719
NINETY-FOURTH SESSION
Authored by Berg; Noor; Hanson, J.; Reyer and Mahamoud03/24/2025
The bill was read for the first time and referred to the Committee on Workforce, Labor, and Economic Development Finance and Policy 2.1 (d) By January 15, 2027, Isuroon must submit a report to the commissioner of
2.2employment and economic development and the chairs and ranking minority members of
2.3the legislative committees with jurisdiction over economic development regarding:
2.4 (1) the number of loans and grants distributed and the total amount awarded;
2.5 (2) demographic information of recipients, including geographic location and business
2.6types; and
2.7 (3) outcomes of the businesses supported by this program, including revenue growth,
2.8job creation, and participation in the business incubator program.
2.9 EFFECTIVE DATE.This section is effective July 1, 2025.
2Section 1.
REVISOR SS/CH 25-0434503/05/25