SAINT PAUL, Minn. - Today, the House Economic Development Committee heard HF 504, which invests $25 million each biennium for the Small Business Partnership Grant Program (formerly Business Development Competitive Grant Program). Rep. Jess Hanson (DFL - Burnsville) authored the bill.
“Those who take the risk and start a business face unique barriers that large competitors easily overcome with overwhelming access to capital,” said Rep. Hanson. “This bill is just one step towards ensuring Minnesota becomes an even better place to start and grow a business that’s profitable enough to support the business owners’ and their employees’ families.”
The bill provides funding for eligible small businesses, employee-owned businesses, cooperatives, and land trusts. The program has helped business owners leverage around $40,000,000 in private financing over its lifespan. Additionally, It uses a competitive application program to ensure equal grants between Greater Minnesota and the Twin Cities Metro Area.
The Metro Consortium of Community Developers, and Henrietta Smaller, a Burnsville business owner, testified in support of the bill. You can watch the committee hearing on the Minnesota House YouTube Channel.
The bill has been laid over for future consideration by the committee.
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