HF 4545

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/04/2024 02:29pm

A bill for an act
relating to economic development; appropriating money for a grant to Propel
Nonprofits.

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

Section 1. new text begin APPROPRIATION.
new text end

new text begin $497,000 in fiscal year 2025 is appropriated from the general fund to the commissioner
of employment and economic development for a grant to Propel Nonprofits for a microloan
capital program to provide assistance to organizations that primarily serve historically
underserved communities, including but not limited to loans, forgivable loans, grants for
working capital or regranting, and real estate and technical assistance. Of this amount, up
to five percent may be used by Propel Nonprofits for administrative costs. This is a onetime
appropriation.
new text end