Minnesota Legislature
SF 1127
as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:40am
Current Version - as introduced
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A bill for an act
relating to transportation; providing for working capital loans to certain small
businesses to secure contracts with government agencies; amending Minnesota
Statutes 2010, section 161.3212.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2010, section 161.3212, is amended to read:
161.3212 WORKING CAPITAL FUND.
The commissioner, to the extent allowed by other law or contract, may grant
available money that has been appropriated for socially or economically disadvantaged
business programs to a guaranty fund administered by a nonprofit organization that makes
or guarantees working capital loans to deleted text begin businessesdeleted text end new text begin small business concernsnew text end owned and
operated by socially deleted text begin ordeleted text end new text begin andnew text end economically disadvantaged deleted text begin persons as defineddeleted text end new text begin individuals.
"Small business concern" and "socially and economically disadvantaged individual" have
the meanings given themnew text end in Code of Federal Regulations, title 49, section deleted text begin 23.5deleted text end new text begin 26.5new text end . The
purpose of loans made or guaranteed by the organization must be to provide short-term
working capital to enable eligible businesses to be awarded contracts for goods and
services or for construction-related services from government agencies.
Money contributed from a constitutionally or statutorily dedicated fund must be used
only for purposes consistent with the purposes of the dedicated fund.