2007 Minnesota Statutes

161.3212 WORKING CAPITAL FUND.
The commissioner, to the extent allowed by other law or contract, may grant available money
that has been appropriated for socially or economically disadvantaged business programs to a
guaranty fund administered by a nonprofit organization that makes or guarantees working capital
loans to businesses owned and operated by socially or economically disadvantaged persons as
defined in Code of Federal Regulations, title 49, section 23.5. The purpose of loans made or
guaranteed by the organization must be to provide short-term working capital to enable eligible
businesses to be awarded contracts for goods and services or for construction-related services
from government agencies.
Money contributed from a constitutionally or statutorily dedicated fund must be used only
for purposes consistent with the purposes of the dedicated fund.
History: 1989 c 320 s 1