MN HF3570

Amends Minnesota Statutes 2008, section 116J.996 to expand the military reservist economic injury loan program to include veteran-owned small businesses.

Commissioner of Employment and Economic Development may make one-time, interest-free loans up to $20,000 to eligible businesses suffering substantial economic injury from an essential employee's active service call or to recently separated veterans starting veteran-owned small businesses.

"Veteran-owned small business" is defined as a small business majority-owned and operated by a recently separated veteran, as defined in section 197.447, who served on active duty after September 11, 2001.

Establishes a revolving loan account where loan repayments and interest earned are deposited and appropriated back to the commissioner for program administration and additional loans.

Commissioner must develop and publish expedited rules for loan applications, fund usage, collateral requirements, loan terms, and other program details using expedited rulemaking procedures under section 14.389.