1.1 	A bill for an act
1.2 	relating to environment; modifying small business loan program for environmental 
1.3 	improvement;amending Minnesota Statutes 2018, section 116.993, subdivisions 
1.4 	2, 6.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2018, section 116.993, subdivision 2, is amended to read:
1.7 		Subd. 2.Eligible borrower. To be eligible for a loan under this section, a borrower 
1.8 	must:
1.9 	(1) be a small business corporation, sole proprietorship, partnership, or association;
1.10 	(2) be a potential emitter of pollutants to the air, ground, or water;
1.11 	(3) need capital for equipment purchases that will meet or exceed environmental 
1.12 	regulations or need capital for site investigation and cleanup;
1.13 	(4) have less than 50 100 full-time equivalent employees; and
1.14 	(5) have an after tax profit of less than $500,000; and.
1.15 	(6) have a net worth of less than $1,000,000.

1.16 	Sec. 2. Minnesota Statutes 2018, section 116.993, subdivision 6, is amended to read:
1.17 		Subd. 6.Loan conditions. A loan made under this section must include:
1.18 	(1) an interest rate that is four percent orat or below one-half the prime rate, whichever 
1.19 	is greater not to exceed five percent;
1.20 	(2) a term of payment of not more than seven years; and
2.1 	(3) an amount not less than $1,000 or exceeding $50,000 $75,000.