This bill focuses on economic development in Minnesota by appropriating funds for various initiatives aimed at supporting small businesses and underserved populations. It allocates $4,000,000 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 requirements for reporting on the use of funds and employment outcomes. Furthermore, the bill includes $300,000 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, the number of new employees hired, and metrics related to job retention and satisfaction. These appropriations are one-time allocations available until June 30, 2027, aimed at fostering economic stability and workforce expansion in the targeted communities.