Purpose

• The bill provides targeted funding from Minnesota’s general fund to support women entrepreneurs. It creates a grant program managed by the commissioner of employment and economic development and awarded to the Ignite Businesswomen Investment Group Foundation (IBWIG Foundation). The goal is to improve women entrepreneurs’ access to capital and support their business development.

Main Provisions

• Onetime appropriation of $1,400,000 in fiscal year 2027 to the commissioner of employment and economic development for a grant to the IBWIG Foundation. Use: establish a women entrepreneurs access to capital and business development fund, including working capital, capacity-building grants, and low-interest loans. The IBWIG Foundation must prioritize women entrepreneurs in underserved and economically disadvantaged communities.
• Onetime appropriation of $250,000 in fiscal year 2027 to the commissioner of employment and economic development for a grant to the IBWIG Foundation to provide capacity building and business development support for women entrepreneurs. Use: fund activities such as business planning, leadership development, financial literacy, technology training, and marketing support. Also, provide grants to community-based organizations that specialize in women-focused entrepreneurship support.

How it fits into existing law

• Creates a new, targeted funding stream from the general fund for programs supporting women-owned businesses through the IBWIG Foundation. This is a one-time appropriation and does not establish ongoing funding beyond the stated fiscal year unless further legislation is enacted.

Key aims and expected outcomes

• Increase access to capital and business development resources for women entrepreneurs, especially in underserved or economically disadvantaged communities.
• Build capacity of women-owned businesses through planning, leadership, finance, tech, and marketing training.
• Leverage grants to community-based organizations to expand women-focused entrepreneurship support.

Significance and potential impact

• Signals a statewide commitment to supporting women-led enterprises.
• May help more women start or grow businesses by providing capital and targeted technical assistance.
• Could help address disparities in access to funding and professional development opportunities for women in certain communities.

Notable terms used in the bill

• Ignite Businesswomen Investment Group Foundation (IBWIG Foundation)
• general fund
• commissioner of employment and economic development
• grants
• working capital
• capacity-building grants
• low-interest loans
• women entrepreneurs
• underserved communities
• economically disadvantaged communities
• business planning
• leadership development
• financial literacy
• technology training
• marketing support
• community-based organizations
• women-focused entrepreneurship support
• onetime appropriation
• fiscal year 2027

Relevant Terms - Ignite Businesswomen Investment Group Foundation - IBWIG Foundation - general fund - commissioner of employment and economic development - grants - working capital - capacity-building grants - low-interest loans - women entrepreneurs - underserved communities - economically disadvantaged communities - business planning - leadership development - financial literacy - technology training - marketing support - community-based organizations - women-focused entrepreneurship support - onetime appropriation - fiscal year 2027