SF 3097

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/10/2022 04:24pm

A bill for an act
relating to economic development; appropriating money for a grant to the
Neighborhood Development Center.

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

Section 1. new text begin THE NEIGHBORHOOD DEVELOPMENT CENTER; APPROPRIATION.
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new text begin (a) $9,500,000 in fiscal year 2023 is appropriated from the general fund to the
commissioner of employment and economic development for a grant to the Neighborhood
Development Center. This is a onetime appropriation.
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new text begin (b) Of the amount appropriated:
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new text begin (1) $2,000,000 is for the Neighborhood Development Center's current and new small
business incubators to assist with capital investment needs;
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new text begin (2) $1,000,000 is to support the development of small business incubators outside the
seven-county metropolitan area as defined in Minnesota Statutes, section 473.121, subdivision
2;
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new text begin (3) $1,000,000 is to leverage additional loan dollars in recourse lending capital and for
loan loss reserve for high-risk lending to mitigate losses;
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new text begin (4) $3,500,000 is for real estate lending capital to assist entrepreneurs to purchase
commercial properties or to redevelop a property already owned by an entrepreneur; and
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new text begin (5) $2,000,000 is for nonrecourse lending capital for low-income entrepreneurs, with
an emphasis on BIPOC entrepreneurs, with loan payment schedules and terms customized
to the entrepreneur.
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