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SF 89

as introduced - 88th Legislature (2013 - 2014) Posted on 02/08/2013 08:46am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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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 for the biennium beginning July 1, 2013, 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