The bill proposes an appropriation of $497,000 from the general fund for the fiscal year 2025 to the commissioner of employment and economic development. This funding is designated for a grant to Propel Nonprofits, aimed at supporting a microloan capital program that assists organizations serving historically underserved communities. The assistance may include various forms of financial support such as loans, forgivable loans, grants for working capital, regranting, and real estate and technical assistance.

Additionally, the bill stipulates that up to five percent of the allocated funds may be utilized by Propel Nonprofits for administrative costs. This appropriation is characterized as a one-time funding initiative, emphasizing its temporary nature in supporting economic development efforts within the targeted communities.