HF 2183

as introduced - 87th Legislature (2011 - 2012) Posted on 02/09/2012 02:15pm

A bill for an act
relating to economic development; appropriating money for the urban initiative
loan program and greater Minnesota business development.

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

Section 1. new text begin URBAN INITIATIVE LOAN PROGRAM.
new text end

new text begin $5,000,000 is appropriated from the general fund to the commissioner of
employment and economic development in fiscal year 2012 for the urban initiative
challenge grant program under Minnesota Statutes, section 116M.18. This is a onetime
appropriation and is available until expended.
new text end

Sec. 2. new text begin APPROPRIATIONS; GREATER MINNESOTA BUSINESS
DEVELOPMENT.
new text end

new text begin $6,000,000 is appropriated from the general fund to the commissioner of
employment and economic development in fiscal year 2012 for grants to community
organizations in the six Minnesota Initiative Foundation regions to support increasing the
number of loans made to small businesses each year in rural Minnesota. The commissioner
of employment and economic development may make a 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 being expanded or improved. This is a onetime
appropriation and is available until expended.
new text end