Senate Economic Development Budget assists small businesses, entrepreneurs
ST. PAUL, Minn.— Part of building an economy that works for everyone means investing state taxpayer dollars into programs that assist small business owners and entrepreneurs – who in turn help create robust and thriving economies. Over the years, the Senate has invested heavily in DEED programs that are highly successful at turning small ideas into productive businesses. The Senate’s $60 million Economic Development budget article passed the Senate Floor on Thursday as part of a larger $489 million budget bill.
“I am proud of the good work we’ve done with our Economic Development article. This bill invests in small business development centers, workforce development programs that will assist communities statewide, and makes a commitment to tourism in Minnesota. It also commits new money to housing programs that both serve women and children who are displaced by violence, and funds housing projects with training centers for jobs in high-growth areas. I’m confident this bill will go a long way toward furthering our state’s robust job growth opportunities,” said Senator Dahle.
The Senate Economic Development portion of the budget bill includes the following highlighted provisions:
- Minnesota Initiative Program: $2.5 million. This awards grants to nonprofit corporations to fund loans to businesses owned by racial or ethnic minorities, low-income persons, or women.
- Initiative foundations business finance activities promotion: $3.5 million. This provides businesses financing for startups, expansion, and maintenance for business ownership transition and succession.
- Film and TV Board increase: $5.5 million. This money goes to the Minnesota Film and TV Board for the film production program in Minnesota. $250,000 of this appropriation shall be used for grants to Hmong-American filmmakers.
- Workforce Development: just under $2 million. This goes to a variety of programs that help foster workforce development in communities across the state. This includes $500,000 for rural career counseling coordinators – this money goes to rural MN to foster relationships between businesses, job seekers, and educational institutions.
- Explore MN Tourism Pilot Project: $950,000. This establishes a pilot project that will attempt to assist in funding and securing major events that benefit communities throughout the state.