2007 Minnesota Statutes

116J.8761 CAPITAL ACCESS PROGRAM; CREATION; ADMINISTRATION.
A capital access program is created in the Department of Employment 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.
History: 1989 c 335 art 1 s 147; 2001 c 153 s 2; 1Sp2003 c 4 s 1