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HF 1081

1st Engrossment - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:43am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 1st Engrossment

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A bill for an act
relating to economic development; expanding eligibility for the small business
growth acceleration program; requiring matching funds; amending Minnesota
Statutes 2008, section 116O.115, subdivisions 2, 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 116O.115, subdivision 2, is amended to
read:


Subd. 2.

Qualified company.

A company is qualified to receive assistance under
the small business growth acceleration program if deleted text begin itdeleted text end new text begin the companynew text end is a manufacturing
company or a manufacturing-related service company that employs deleted text begin 100deleted text end new text begin 250new text end or fewer
full-time equivalent employees.

Sec. 2.

Minnesota Statutes 2008, section 116O.115, subdivision 4, is amended to read:


Subd. 4.

Fund awards; use of funds.

(a) The corporation shall establish
procedures for determining which applicants for assistance under the small business
growth acceleration program will receive program funding. Funding shall be awarded
only to accelerate a qualified company's adoption of needed technology or business
improvements when the corporation concludes that it is unlikely the improvements could
be accomplished in any other way.

(b) The maximum amount of funds awarded to a qualified company under the small
business growth acceleration program for a particular project must not exceed deleted text begin 50deleted text end new text begin 75new text end
percent of the total cost of a project and must not under any circumstances exceed $25,000
during a calendar year. The corporation shall not award to a qualified company small
business growth acceleration program funds in excess of $50,000 per year.

(c) Any funds awarded to a qualified company under the small business growth
acceleration program must be used for business services and products that will enhance the
operation of the company. These business services and products must come either directly
from the corporation or from a network of expert providers identified and approved by
the corporation. No company receiving small business growth acceleration program
funds may use the funds for refinancing, overhead costs, new construction, renovation,
equipment, or computer hardware.

(d) Any funds awarded must be disbursed to the qualified company as reimbursement
documented according to requirements of the corporation.

new text begin (e) Receipt of funds from an award under this section is contingent upon a
contribution of funds by the qualified company to the project, as follows:
new text end

new text begin (1) a company with under 50 employees must contribute one dollar for every three
dollars of program assistance awarded;
new text end

new text begin (2) a company with 50 to 100 employees must contribute one dollar for every one
dollar of program assistance awarded; and
new text end

new text begin (3) a company with 101 to 250 employees must contribute three dollars for every
one dollar of program assistance awarded.
new text end