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Minnesota Legislature

Office of the Revisor of Statutes

SF 1886

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

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

Current Version - as introduced

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A bill for an act
relating to employment and economic development;
establishing the small business growth acceleration
program; appropriating money; proposing coding for new
law in Minnesota Statutes, chapter 116O.

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

Section 1.

new text begin [116O.115] SMALL BUSINESS GROWTH ACCELERATION
PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment; purpose. new text end

new text begin The small
business growth acceleration program is established. The
purpose of the program is to (1) help qualified companies
implement technology and business improvements; and (2) bridge
the gap between standard market pricing for technology and
business improvements and what qualified companies can afford to
pay.
new text end

new text begin Subd. 2. new text end

new text begin Qualified company. new text end

new text begin A company is qualified to
receive assistance under the growth acceleration program if it
is a manufacturing company or a manufacturing-related service
company that employs 50 or fewer full-time equivalent employees.
new text end

new text begin Subd. 3. new text end

new text begin Applications for assistance. new text end

new text begin A company seeking
assistance under the growth acceleration program must file an
application according to the requirements of the corporation. A
company's application for growth acceleration program assistance
must include documentation of the company's overall plan for
technology and business improvement and prioritize the
components of the overall plan. The application must also
document the company's need for growth acceleration program
funds in order to carry forward the highest priority components
of the plan.
new text end

new text begin Subd. 4. new text end

new text begin Fund awards; use of funds. new text end

new text begin (a) The corporation
shall establish procedures for determining which applicants for
assistance under the growth acceleration program will receive
program funding. Funding shall be awarded only to accelerate a
qualified company's adoption of needed technology or business
improvements when the corporation concludes that it is unlikely
the improvements could be accomplished in any other way.
new text end

new text begin (b) The maximum amount of funds awarded to a qualified
company under the growth acceleration program for a particular
project must not exceed 50 percent of the total cost of a
project and must not under any circumstances exceed $25,000
during a calendar year. The corporation shall not award to a
qualified company growth acceleration program funds in excess of
$50,000 per year.
new text end

new text begin (c) Any funds awarded to a qualified company under the
growth acceleration program must be used for business services
and products that will enhance the operation of the company.
These business services and products must come either directly
from the corporation or from a network of expert providers
identified and approved by the corporation. No company
receiving growth acceleration program funds may use the funds
for refinancing, overhead costs, new construction, renovation,
equipment, or computer hardware.
new text end

new text begin (d) Any funds awarded must be disbursed to the qualified
company as reimbursement documented according to requirements of
the corporation.
new text end

new text begin Subd. 5. new text end

new text begin Service agreements. new text end

new text begin The corporation shall enter
a written service agreement with each company awarded funds
under the growth acceleration program. Each service agreement
shall clearly articulate the company's need for service, state
the cost of the service, identify who will provide the service,
and define the scope of the service that will be provided. The
service agreement must also include an estimate of the financial
impact of the service on the company and require the company to
report the actual financial impact of the service to the
corporation 24 months after the service is provided.
new text end

new text begin Subd. 6. new text end

new text begin Reporting. new text end

new text begin The corporation shall report
annually to the legislative committees with fiscal jurisdiction
over the corporation (1) the funds awarded under the growth
acceleration program during the past 12 months; (2) the
estimated financial impact of the funds awarded to each company
receiving service under the program; and (3) the actual
financial impact of funds awarded during the past 24 months.
new text end

Sec. 2. new text beginAPPROPRIATION.
new text end

new text begin $1,000,000 in fiscal year 2006 and $1,000,000 in fiscal
year 2007 are appropriated from the general fund to Minnesota
Technology, Inc. for the small business growth acceleration
program established under Minnesota Statutes, section 116O.115.
new text end