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Minnesota Legislature

Office of the Revisor of Statutes

SF 1989

as introduced - 91st Legislature (2019 - 2020) Posted on 03/05/2019 09:10am

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

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15
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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 begin50deleted text endnew text begin 100new text end full-time new text beginequivalent new text endemployees;new text begin and
new text end

(5) have an after tax profit of less than $500,000deleted text begin; anddeleted text endnew 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 beginfour percent ordeleted text end new text beginat or below new text endone-half the prime rate, deleted text beginwhichever
is greater
deleted text endnew 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 endnew text begin $75,000new text end.