Senate Report, By Dan Sparks

Earlier this week, I had the opportunity to meet with city and business leaders in Albert Lea and a coalition of community development advocates to discuss the Minnesota Initiative Program (MIP).

The Minnesota Initiative Program builds upon a current program called the Urban Initiative Program, which is administered by the Department of Employment and Economic Development. This program currently provides capital to entrepreneurs in economically distressed urban areas, and can help businesses cover their start-up or expansion costs. While currently limited to the metro area, MIP would be expanded to allow businesses in Greater Minnesota to get access to this capital.

The Minnesota Initiative Program will:

• Provide loan capital for small business lending to be available to females, persons of color and low-income entrepreneurs and the community-led organizations that serve them.

• Provide separate funding for capacity building grants, to enable community-led organizations working with these communities to train and hire staff for the purpose of participating in MIP.

During my meeting in Albert Lea it was clear that there was much excitement at the possibility of extending this program and opening it up to entrepreneurs statewide. Several business leaders and entrepreneurs right here in Albert Lea told me about how this program could help them start or expand their businesses. With its current model proving to be a success for urban areas, it only makes sense to bring this to other parts of the state that could use it.

This session, I will be the chief author of legislation to expand this program. I believe it can be another tool to help businesses — not just in our area but in every corner of the state — to expand and grow. I am looking forward to working with business and community leaders and legislators to make the Minnesota Initiative Program a success.

I want to thank everyone who met with me to discuss this proposal and offer to help in moving it forward. It is meetings like these that are incredibly helpful in providing ideas and initiatives that can help our communities. I am looking forward to hearing from constituents in the upcoming weeks and throughout the session on this and any other ideas.

If you have questions or concerns about this legislation, the upcoming session or any other questions, I encourage you to contact my office at 651-296-9248 or at sen.dan.sparks@senate.mn.

 

Dan Sparks, DFL-Austin, is the District 27 senator.