as introduced - 87th Legislature (2011 - 2012) Posted on 04/11/2011 09:50am
A bill for an act
relating to transportation; providing for working capital loans to certain small
businesses to secure contracts with government agencies; amending Minnesota
Statutes 2010, section 161.3212.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2010, section 161.3212, is amended to read:
The commissioner, to the extent allowed by other law or contract, may grant
available money that has been appropriated for socially or economically disadvantaged
business programs to a guaranty fund administered by a nonprofit organization that makes
or guarantees working capital loans to deleted text beginbusinessesdeleted text endnew text beginnew text end owned and
operated by socially deleted text beginordeleted text endnew text beginnew text end economically disadvantaged deleted text beginpersons as defineddeleted text endnew text beginnew text end in Code of Federal Regulations, title 49, section deleted text begin23.5deleted text endnew text beginnew text end. The
purpose of loans made or guaranteed by the organization must be to provide short-term
working capital to enable eligible businesses to be awarded contracts for goods and
services or for construction-related services from government agencies.
Money contributed from a constitutionally or statutorily dedicated fund must be used
only for purposes consistent with the purposes of the dedicated fund.