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HF 2870

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/13/2023 10:12am

KEY: stricken = removed, old language.
underscored = added, new language.
Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17

A bill for an act
relating to economic development; requiring a report; appropriating money for a
grant to Fortis Capital for a revolving loan fund.

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

Section 1. new text begin FORTIS CAPITAL; APPROPRIATION.
new text end

new text begin (a) $12,000,000 in fiscal year 2024 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to Fortis Capital, a
501(c)(3) nonprofit corporation, for a revolving loan fund to provide risk-mitigating capital
for commercial development activities in underserved communities and to entrepreneurs
from disadvantaged groups statewide. This revolving loan fund will focus on partnerships
with private sector lenders and other sources of nonstate funds to maximize the impact of
the fund by leveraging outside capital. Of this amount, up to ten percent may be used for
Fortis Capital's operating costs. This is a onetime appropriation and is available until
expended.
new text end

new text begin (b) Fortis Capital shall submit a report to the chairs and ranking minority members of
the legislative committees with jurisdiction over economic development by December 31,
2025, that details the use of grant funds and program outcomes.
new text end