The Council for Minnesotans of African Heritage offers the following statement in support of HF 2138. We believe the targeted funding that this bill provides addresses the myriad of barriers that minority owned business face that often prevent many from reaching their full potential.
A recent survey of 451 minority entrepreneurs in Minnesota found that 43% need financing to grow, 33% find it hard to obtain capital, without capital 24% will need to reduce their workforce, 22% won’t expand, and 15% will consider closing. The funds that would be appropriated with this bill would start a ripple effect that will not only address these urgent needs of MBE’s but this funding will aid in helping create and retain quality jobs throughout Minnesota.
