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HF 1506

Entrepreneur Fund grant funding provided, and money appropriated.

2025-2026 Regular Session Introduced by Spencer Igo and 4 co-sponsors

Authorizes state funding for an Entrepreneur Fund to award grants to Minnesota startups, administered by DEED, to boost entrepreneurship, growth, and job creation.

Author added Zeleznikar
#employmentandeconomicdevelopmentdepartment
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Bill Summary · HF 1506

Summary of HF 1506 — Entrepreneur Fund grant funding provided, and money appropriated

Overview

HF 1506 is a Minnesota House of Representatives bill introduced on February 26, 2025, related to the Employment and Economic Development Department. The bill’s title indicates that it would provide funding for an Entrepreneur Fund through state appropriations. The bill has been referred to the committee on Workforce, Labor, and Economic Development Finance and Policy. A companion bill exists in the Senate as SF 1945.

What the bill would do

  • Authorize funding for an Entrepreneur Fund in the form of grants. The aim appears to be to promote entrepreneurship and economic development by supporting new and growing businesses.
  • Provide an appropriation to support these Entrepreneur Fund grants. The exact dollar amount and the administrative details (eligibility, grant size, and distribution) are not specified in the information provided here.

Key provisions and changes (based on available information)

  • Establishment or continuation of an Entrepreneur Fund that disburses grants to eligible recipients.
  • Allocation of state funds through an appropriation to support the grant program.
  • Administration would fall under the purview of the Minnesota Department of Employment and Economic Development (DEED), as reflected by the bill’s subject.
  • The bill’s text would define specifics such as grant criteria, recipient eligibility, grant periods, reporting requirements, and oversight, but those details are not included in the summary provided.

Who would be affected

  • Primary beneficiaries: Minnesota entrepreneurs and startups seeking grant funding to support startup costs, growth, or other specified uses under the Entrepreneur Fund.
  • Administrators: Minnesota Department of Employment and Economic Development (DEED) would administer the fund and grants.
  • The broader economy could be affected through potential impacts on business formation, investment, and job creation, depending on the program’s design and funding level.

Procedural history and timeline

  • February 26, 2025: Introduced and first reading; referred to the committee on Workforce, Labor, and Economic Development Finance and Policy.
  • February 27, 2025: Author added (Igo) upon amendment or referral.
  • March 3, 2025: Author added (Zeleznikar).
  • Related legislation: Companion bill SF 1945 in the Senate.
  • Next steps: The bill would proceed through committee hearings and potential amendments, followed by floor votes in the House and, if approved, transmission to the Senate for consideration.

Potential impact and considerations

  • The program could provide a new source of capital for entrepreneurs, potentially supporting business creation, growth, and job development in Minnesota.
  • The magnitude of impact depends on the appropriation amount, eligibility criteria, grant design, and administrative requirements.
  • Financial oversight, performance metrics, and reporting would shape accountability and effectiveness.

Note

Details such as the exact funding amount, grant program design, eligibility rules, and implementation timeline are not included in the provided information. The above reflects the information available from the bill’s summary and actions to date.

Compiled from official sources — confirm details with the bill’s official record.

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