MN SF2912

Commissioner of Employment and Economic Development shall make interest-free loans up to $75,000 to businesses in the Mille Lacs Lake area severely affected by walleye fishing decline.

Eligible businesses must have been in operation prior to the walleye resource decline and submit applications including a business plan for continued operation.

Loans have a 10-year duration with monthly repayment of 1/120 of original principal beginning no later than one year after walleye fishing returns to average levels as determined by the Department of Natural Resources.

Any remaining principal balance after the 10-year period is forgiven if the business continues operating throughout that time, with loan repayments deposited to the general fund.

$500,000 is appropriated from the general fund in fiscal year 2015 for the program as a one-time appropriation available until expended.