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HF 538

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/01/2021 03:18pm

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 1.18 1.19
1.20 1.21 1.22 2.1 2.2 2.3 2.4

A bill for an act
relating to economic development; establishing a business expansion low-interest
loan program; appropriating money.

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

Section 1. new text beginBUSINESS EXPANSION LOW-INTEREST LOAN PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Loan program. new text end

new text begin The commissioner of employment and economic
development may make low-interest loans to an eligible business for the purpose of
expanding businesses whose products are sold primarily outside of the state. The
commissioner shall allocate funds between each of 11 regional development commissions
in the development regions described in Minnesota Statutes, section 462.385. The 11 regional
development commissions are responsible for distributing and monitoring loan funds. To
be eligible for a loan under this section, a business must generate at least 50 percent of
revenue from products sold outside of the state. The regional development commissions
may determine merit criteria to facilitate the distribution of funds.
new text end

new text begin Subd. 2. new text end

new text begin Revolving loan account. new text end

new text begin The commissioner shall use money appropriated for
the purposes of this section to establish a revolving loan account. All repayments of loans
made under this section must be deposited into this account. Interest earned on money in
the account accrues to the account. Money in the account is appropriated to the commissioner
for the purposes of this section.
new text end

Sec. 2. new text beginAPPROPRIATION.
new text end

new text begin $80,000,000 in fiscal year 2022 is appropriated from the general fund to the commissioner
of employment and economic development for the purposes of the business expansion
low-interest loan program under section 1. Of this appropriation, no more than $20,000,000
may be allocated to any one regional development commission, and each of the 11 regional
development commissions must receive at least $5,000,000 in low-interest loan funds. This
is a onetime appropriation and is available until spent.
new text end