as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 02/02/1998 |
1.1 A bill for an act 1.2 relating to economic development; changing the maximum 1.3 loan amount for the challenge grant program; amending 1.4 Minnesota Statutes 1996, section 116J.415, subdivision 1.5 5. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1996, section 116J.415, 1.8 subdivision 5, is amended to read: 1.9 Subd. 5. [LOAN CRITERIA.] The following criteria apply to 1.10 loans made under the challenge grant program: 1.11 (1) loans must be made to businesses that are not likely to 1.12 undertake a project for which loans are sought without 1.13 assistance from the challenge grant program; 1.14 (2) a loan must be used for a project designed principally 1.15 to benefit low-income persons through the creation of job or 1.16 business opportunities for them; 1.17 (3) the minimum loan is $5,000 and the maximum 1.18 is$100,000$200,000; 1.19 (4) a loan may not exceed 50 percent of the total cost of 1.20 an individual project; 1.21 (5) a loan may not be used for a retail development 1.22 project; and 1.23 (6) a business applying for a loan, except a 1.24 microenterprise loan under subdivision 6, must be sponsored by a 1.25 resolution of the governing body of the local governmental unit 2.1 within whose jurisdiction the project is located. 2.2 Sec. 2. [EFFECTIVE DATE.] 2.3 Section 1 is effective the day following final enactment.