This bill focuses on economic development in Minnesota by appropriating funds for various initiatives aimed at supporting small businesses and underserved populations. It allocates $4 million to the African Development Center for loans to assist small business owners in purchasing commercial real estate, establishing loan loss reserves, and enhancing organizational capacity. Additionally, it designates $500,000 for grants to social benefit corporations that create employment opportunities for low-income and hard-to-employ individuals, with specific goals for workforce expansion. Furthermore, $300,000 is allocated for grants to small businesses in the St. Paul Midway area, particularly targeting African immigrant business owners to promote economic growth and job creation.

Each grant recipient is required to submit a report to the commissioner of employment and economic development detailing the use of the funds, including metrics on new hires and job satisfaction, within one year of receiving the grant. These appropriations are one-time allocations available until June 30, 2027, and aim to foster economic stability and workforce expansion in the targeted communities.