This bill appropriates funds to support the development of LGBTQ+-owned businesses in Minnesota through grants to the PFund Foundation and Quorum. Specifically, it allocates $375,000 for each of the fiscal years 2024 and 2025 to the PFund Foundation, which will distribute grants to LGBTQ+-owned small businesses and entrepreneurs. The bill stipulates that up to ten percent of these funds may be used for the Foundation's technical assistance and administrative costs. Additionally, the distribution of funds is directed to prioritize racial minority-owned businesses and those located outside the seven-county metropolitan area, with each category receiving 33.3 percent of the total funds.

Furthermore, the bill allocates $125,000 for each of the fiscal years 2024 and 2025 to Quorum, which will provide business support, training, and technical assistance to LGBTQ+-owned small businesses that receive grants from the PFund Foundation. Similar to the previous allocation, up to ten percent of these funds may be used for Quorum's administrative costs. Both appropriations are one-time allocations available until June 30, 2026, aimed at fostering economic development and support for LGBTQ+ entrepreneurs in the state.