Bill Text: MN SF2158 | 2013-2014 | 88th Legislature | Engrossed
Bill Title: Women entrepreneurs business development grant program establishment and appropriation
Sponsorship: Moderate Partisan Bill (Democrat 4-1)
Status: (Introduced - Dead) 2014-03-19 - Comm report: To pass as amended and re-refer to Finance [SF2158 Detail]
Download: Minnesota-2013-SF2158-Engrossed.html
1.2relating to economic development; creating a women entrepreneurs business
1.3development competitive grant program; appropriating money;proposing coding
1.4for new law in Minnesota Statutes, chapter 116L.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [116L.99] WOMEN ENTREPRENEURS BUSINESS DEVELOPMENT
1.7GRANT PROGRAM.
1.8 Subdivision 1. Definitions. For the purposes of this section, the following terms
1.9have the meanings given.
1.10(a) "Women-owned business" means a business entity owned or controlled by
1.11women that is organized for profit including, but not limited to, an individual, partnership,
1.12corporation, joint venture, association, or cooperative. "Owned or controlled by women"
1.13means:
1.14(1) that the business is at least 51 percent owned by one or more women or, in the
1.15case of any publicly traded business, at least 51 percent of the stock of which is owned by
1.16one or more women; and
1.17(2) the business has management and daily business operations that are controlled
1.18by one or more women.
1.19(b) "High economic impact firm" means a business that is projected to generate at
1.20least $500,000 in annual revenue and create at least ten high-quality jobs.
1.21(c) "Qualified business" means a women-owned business in the field of construction;
1.22transportation; warehousing; agriculture; mining; finance; insurance; professional,
1.23technical, or scientific services; technology; or other high economic impact business.
2.1(d) "High-quality job" means a job that pays an annual income equal to at least 150
2.2percent of the federal poverty guideline adjusted for a family size of four.
2.3 Subd. 2. Program created. The commissioner of employment and economic
2.4development shall operate a women entrepreneurs business development competitive
2.5grant program to facilitate the creation and expansion of high-growth, high-revenue,
2.6women-owned businesses that are a qualified business.
2.7 Subd. 3. Use of funds. Funds available for the purpose of this section may be
2.8used for:
2.9(1) entrepreneurial training, mentoring, and technical assistance for the startup or
2.10expansion of businesses owned by women;
2.11(2) development of networks of potential investors; and
2.12(3) development of a recruitment program for midcareer women with an interest
2.13in starting a qualified business.
2.14 Sec. 2. APPROPRIATION.
2.15$500,000 is appropriated from the general fund in fiscal year 2014 to the
2.16commissioner of employment and economic development for the purpose of section 1.
2.17This is a onetime appropriation. This appropriation is available until spent.
2.18EFFECTIVE DATE.This section is effective the day following final enactment.
1.3development competitive grant program; appropriating money;proposing coding
1.4for new law in Minnesota Statutes, chapter 116L.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [116L.99] WOMEN ENTREPRENEURS BUSINESS DEVELOPMENT
1.7GRANT PROGRAM.
1.8 Subdivision 1. Definitions. For the purposes of this section, the following terms
1.9have the meanings given.
1.10(a) "Women-owned business" means a business entity owned or controlled by
1.11women that is organized for profit including, but not limited to, an individual, partnership,
1.12corporation, joint venture, association, or cooperative. "Owned or controlled by women"
1.13means:
1.14(1) that the business is at least 51 percent owned by one or more women or, in the
1.15case of any publicly traded business, at least 51 percent of the stock of which is owned by
1.16one or more women; and
1.17(2) the business has management and daily business operations that are controlled
1.18by one or more women.
1.19(b) "High economic impact firm" means a business that is projected to generate at
1.20least $500,000 in annual revenue and create at least ten high-quality jobs.
1.21(c) "Qualified business" means a women-owned business in the field of construction;
1.22transportation; warehousing; agriculture; mining; finance; insurance; professional,
1.23technical, or scientific services; technology; or other high economic impact business.
2.1(d) "High-quality job" means a job that pays an annual income equal to at least 150
2.2percent of the federal poverty guideline adjusted for a family size of four.
2.3 Subd. 2. Program created. The commissioner of employment and economic
2.4development shall operate a women entrepreneurs business development competitive
2.5grant program to facilitate the creation and expansion of high-growth, high-revenue,
2.6women-owned businesses that are a qualified business.
2.7 Subd. 3. Use of funds. Funds available for the purpose of this section may be
2.8used for:
2.9(1) entrepreneurial training, mentoring, and technical assistance for the startup or
2.10expansion of businesses owned by women;
2.11(2) development of networks of potential investors; and
2.12(3) development of a recruitment program for midcareer women with an interest
2.13in starting a qualified business.
2.14 Sec. 2. APPROPRIATION.
2.15$500,000 is appropriated from the general fund in fiscal year 2014 to the
2.16commissioner of employment and economic development for the purpose of section 1.
2.17This is a onetime appropriation. This appropriation is available until spent.
2.18EFFECTIVE DATE.This section is effective the day following final enactment.
