Minnesota Legislature
SF 1989
as introduced - 91st Legislature (2019 - 2020) Posted on 07/03/2019 02:35pm
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A bill for an act
relating to environment; modifying small business loan program for environmental
improvement; amending Minnesota Statutes 2018, section 116.993, subdivisions
2, 6.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2018, section 116.993, subdivision 2, is amended to read:
Subd. 2.
Eligible borrower.
To be eligible for a loan under this section, a borrower
must:
(1) be a small business corporation, sole proprietorship, partnership, or association;
(2) be a potential emitter of pollutants to the air, ground, or water;
(3) need capital for equipment purchases that will meet or exceed environmental
regulations or need capital for site investigation and cleanup;
(4) have less than deleted text begin 50deleted text end new text begin 100new text end full-time new text begin equivalent new text end employees;new text begin and
new text end
(5) have an after tax profit of less than $500,000deleted text begin ; anddeleted text end new text begin .
new text end
deleted text begin
(6) have a net worth of less than $1,000,000.
deleted text end
Sec. 2.
Minnesota Statutes 2018, section 116.993, subdivision 6, is amended to read:
Subd. 6.
Loan conditions.
A loan made under this section must include:
(1) an interest rate that is deleted text begin four percent ordeleted text end new text begin at or below new text end one-half the prime rate, deleted text begin whichever
is greaterdeleted text end new text begin not to exceed five percentnew text end ;
(2) a term of payment of not more than seven years; and
(3) an amount not less than $1,000 or exceeding deleted text begin $50,000deleted text end new text begin $75,000new text end .