Ignite Businesswomen Investment Group Foundation appropriation

A bill for an act

relating to economic development; appropriating money for grants to Ignite

Businesswomen Investment Group Foundation.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.
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APPROPRIATIONS; IGNITE BUSINESSWOMEN INVESTMENT

GROUP FOUNDATION.
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(a) $1,400,000 in fiscal year 2027 is appropriated from the general fund to the

commissioner of employment and economic development for a grant to Ignite

Businesswomen Investment Group Foundation (IBWIG Foundation) to establish a women

entrepreneurs access to capital and business development fund. Money appropriated under

this paragraph may be used to provide working capital, capacity-building grants, and

low-interest loans. IBWIG Foundation must prioritize women entrepreneurs in underserved

and economically disadvantaged communities to conduct the activities under this paragraph.

This is a onetime appropriation.

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(b) $250,000 in fiscal year 2027 is appropriated from the general fund to the commissioner

of employment and economic development for a grant to IBWIG Foundation to provide

capacity building and business development support for women entrepreneurs. Money

appropriated under this paragraph must be used to provide:

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(1) business planning, leadership development, financial literacy, technology training,

and marketing support; and

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(2) grants to community-based organizations specializing in women-focused

entrepreneurship support. This is a onetime appropriation.

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