HF 2556

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/24/2023 04:07am

A bill for an act
relating to economic development; appropriating money for grants to initiative
foundations.

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

Section 1. new text begin APPROPRIATION; INITIATIVE FOUNDATIONS.
new text end

new text begin $18,000,000 in fiscal year 2024 is appropriated from the general fund to the commissioner
of employment and economic development for grants to initiative foundations to capitalize
their revolving loan funds, which address unmet financing needs of for-profit business
startups, expansions, and ownership transitions; nonprofit organizations; and developers of
housing to support the construction, rehabilitation, and conversion of housing units. Of the
amount appropriated:
new text end

new text begin (1) $3,000,000 is for a grant to the Southwest Initiative Foundation;
new text end

new text begin (2) $3,000,000 is for a grant to the West Central Initiative Foundation;
new text end

new text begin (3) $3,000,000 is for a grant to the Southern Minnesota Initiative Foundation;
new text end

new text begin (4) $3,000,000 is for a grant to the Northwest Minnesota Foundation;
new text end

new text begin (5) $3,000,000 is for a grant to the Initiative Foundation; and
new text end

new text begin (6) $3,000,000 is for a grant to the Northland Foundation.
new text end

new text begin This is a onetime appropriation.
new text end