HF 3050

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; appropriating money for business assistance
in greater Minnesota.

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

Section 1. new text begin APPROPRIATIONS; GREATER MINNESOTA BUSINESS
DEVELOPMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Microloans. new text end

new text begin $1,200,000 is appropriated from the general fund to the
commissioner of employment and economic development for fiscal year 2009 for grants
to community organizations in the six Minnesota Initiative Foundation regions to support
increasing the number of microloans made annually in rural Minnesota. Grants may be
used to provide technical assistance, to increase or establish loan loss reserves, or to
provide loan capital. The maximum grant under this subdivision is $200,000. $1,200,000
each year is added to the agency's budget base for regional grants for microloans and
small business assistance beginning in fiscal year 2010.
new text end

new text begin Subd. 2. new text end

new text begin Small business revolving loans. new text end

new text begin $6,000,000 is appropriated from the
general fund to the commissioner of employment and economic development for fiscal
year 2009 for grants to the six Minnesota Initiative Foundations to expand existing small
business revolving loans with a focus on lending to entrepreneurs and new businesses. The
commissioner of employment and economic development must make a $1,000,000 grant
to each Minnesota Initiative Foundation after the foundation has completed and submitted
a strategic plan on how the grant will be used in the region, including information on any
new loan programs being created and existing loan programs that are being expanded or
improved. This is a onetime appropriation.
new text end