2001 Minnesota Statutes

     116J.8761 Capital access program; creation; 
  administration. 

    A capital access program is created in the department of 
 trade and economic development.  The purpose of the capital 
 access program is to provide capital to businesses, particularly 
 small and medium-sized businesses, to foster economic 
 development.  Capital may be provided in the form of equity 
 investments for community development venture capital funds or 
 loans for all other assistance under the program.  Loans made 
 under this program are to be slightly riskier than conventional 
 loans, but still offer a high degree of soundness in connection 
 with the capital access program. 

    The commissioner has the power to administer the program, 
 enter into contracts, and take action reasonably necessary to 
 ensure compliance with the program.  The lender shall provide 
 the commissioner with information regarding its participation in 
 the program as the commissioner may reasonably require.  Upon 
 notice to the lender, the commissioner may inspect the files of 
 the lender relating to any loans enrolled under the program 
 during normal business hours of the lender. 

    A lender is eligible to participate in the program upon 
 entering into an agreement with the commissioner governing the 
 duties of the commissioner and the lender under the program. 

    HIST: 1989 c 335 art 1 s 147; 2001 c 153 s 2