HF 1460

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/08/2021 04:29pm

A bill for an act
relating to economic development; appropriating money for a grant to the
Neighborhood Development Center.

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

Section 1. new text begin NEIGHBORHOOD DEVELOPMENT CENTER; APPROPRIATION.
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new text begin (a) $3,750,000 in fiscal year 2022 and $750,000 in fiscal year 2023 are appropriated
from the general fund to the commissioner of employment and economic development for
grants to the Neighborhood Development Center.
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new text begin (b) Of the amount appropriated each year:
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new text begin (1) $600,000 is for small business programs including training, lending, business services,
and real estate and incubator programming; and
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new text begin (2) $150,000 is for outreach and training activities outside the seven-county metropolitan
area, as defined in Minnesota Statutes, section 473.121, subdivision 2. Funds under this
paragraph may be used for both existing and new programs.
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new text begin (c) Of the amount appropriated in fiscal year 2022, $3,000,000 is for high-touch,
high-risk, character-based loan capital as follows:
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new text begin (1) $1,000,000 for loan loss reserve to be used to leverage at least $5,000,000 in recourse
lending capital; and
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new text begin (2) $2,000,000 for flexible lending based on the most critical needs to make a business
whole or for larger capital requests.
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