MN HF3290

Commissioner of Employment and Economic Development shall issue loans to Mille Lacs Lake area businesses severely affected by walleye fishing decline, limited to businesses operating before the decline occurred.

Loans require written application including a business plan for continued operation until walleye fishing recovers, with maximum loan amount of $75,000 and ten-year duration at zero interest.

Repayment begins no later than one year after walleye fishing returns to average levels as determined by the Department of Natural Resources, in monthly installments of 1/120 of original principal.

Any remaining principal balance after ten years is forgiven if the business continues operating throughout the loan period; repayments are deposited in the general fund.

$500,000 appropriated from the general fund for fiscal year 2015 to establish the program, available until expended.