as introduced - 92nd Legislature (2021 - 2022) Posted on 07/16/2021 10:00am
A bill for an act
relating to economic development; appropriating money for a grant to the Northeast
Entrepreneur Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$1,148,250 in fiscal year 2021 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to the Northeast Entrepreneur Fund,
a small business administration microlender and community development financial institution
operating in northern Minnesota, to be made only upon the Northeast Entrepreneur Fund's
repayment of its current $1,148,250 loan issued by the commissioner. Grant funds must be
used as capital for accessing additional federal lending for small businesses impacted by
COVID-19 and must be returned to the commissioner for deposit in the general fund if the
Northeast Entrepreneur Fund fails to secure such federal funds before January 1, 2022. This
is a onetime appropriation.
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This section is effective the day following final enactment.
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