By Graham Scher – R & J Broadcasting | July 17, 2025

Minneapolis, MINN. – Minnesota Governor Tim Walz announced $33 million for small businesses across Minnesota during a roundtable at the University of Minnesota on July 15.

Roughly 200 small businesses across the state are set to receive a share of $33 million — the second rollout of the federally funded $97 million Small Business Credit Initiative . The roundtable, held Tuesday at the McNamara Alumni Center, featured several small business owners and Department of Employment and Economic Development Commissioner Matt Varilek.

The state received the first $29.5 million in 2022 when the U.S. Department of the Treasury approved the $97 million for small businesses; its continued rollout is expected to span several years.

Walz said Tuesday that the state isn’t aware of any major changes in the small business credit funding coming from the federal government, but said “we do need to be concerned.” He said he was briefed Tuesday morning on the potential costs to the state and counties from President Donald Trump’s “big, beautiful bill,” signed July 4.

Walz said a second special session for the Minnesota Legislature may be needed to address federal funding shifts, but at this point, it’s “premature.” He said Minnesota is in a “strong financial position,” with a rainy day fund holding roughly $3 billion.