SF 589

Introduction - 92nd Legislature (2021 - 2022)

Posted on 07/16/2021 10:00 a.m.

A bill for an act
relating to economic development; appropriating money for a grant to the Northeast
Entrepreneur Fund.

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

Section 1. new text begin GRANT TO THE NORTHEAST ENTREPRENEUR FUND;
APPROPRIATION.
new text end

new text begin $1,148,250 in fiscal year 2021 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Northeast Entrepreneur Fund,
a small business administration microlender and community development financial institution
operating in northern Minnesota, to be made only upon the Northeast Entrepreneur Fund's
repayment of its current $1,148,250 loan issued by the commissioner. Grant funds must be
used as capital for accessing additional federal lending for small businesses impacted by
COVID-19 and must be returned to the commissioner for deposit in the general fund if the
Northeast Entrepreneur Fund fails to secure such federal funds before January 1, 2022. This
is a onetime appropriation.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end