HF 4549

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/23/2022 10:39am

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

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 2023 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 to maximize the impact of the fund by leveraging private sector
funds. This is a onetime appropriation.
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,
2023, that details the use of grant funds and program outcomes.
new text end