Furstad Fund Initiative grant appropriation to support small businesses in greater Minnesota through technical assistance, capacity building and access to capital

SF 2219 appropriates $1 million from the general fund for fiscal year 2026 to establish the Fursad Fund Initiative, targeting small businesses in greater Minnesota (outside the seven-county metropolitan area) owned by historically underserved entrepreneurs, including immigrants, refugees, and communities of color. The initiative provides technical assistance (like business coaching and financial training), capacity building (to navigate regulations and expand networks), and access to capital through microloans and culturally aligned lending. Administered by CAIRO (Center for African Immigrants and Refugees Organization), it requires a 2027 legislative report tracking businesses served, job creation, revenue growth, and program effectiveness. The bill directly affects small businesses with fewer than 25 employees demonstrating financial need, excluding those in the metro area.