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HF 1460

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/08/2021 04:29pm

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

Bill Text Versions

Engrossments
Introduction Posted on 02/22/2021

Current Version - as introduced

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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 beginNEIGHBORHOOD DEVELOPMENT CENTER; APPROPRIATION.
new text end

new text begin (a) $3,750,000 in fiscal year 2022 and $750,000 in fiscal year 2023 are appropriated
from the general fund to the commissioner of employment and economic development for
grants to the Neighborhood Development Center.
new text end

new text begin (b) Of the amount appropriated each year:
new text end

new text begin (1) $600,000 is for small business programs including training, lending, business services,
and real estate and incubator programming; and
new text end

new text begin (2) $150,000 is for outreach and training activities outside the seven-county metropolitan
area, as defined in Minnesota Statutes, section 473.121, subdivision 2. Funds under this
paragraph may be used for both existing and new programs.
new text end

new text begin (c) Of the amount appropriated in fiscal year 2022, $3,000,000 is for high-touch,
high-risk, character-based loan capital as follows:
new text end

new text begin (1) $1,000,000 for loan loss reserve to be used to leverage at least $5,000,000 in recourse
lending capital; and
new text end

new text begin (2) $2,000,000 for flexible lending based on the most critical needs to make a business
whole or for larger capital requests.
new text end