MN SF4445

Requires the commissioner of human services to grant $3,000,000 to First Children's Finance for establishing a financing program to provide loans for child care and early childhood education sites.

Mandates First Children's Finance establish five fund types: a revolving loan fund, a private loan guarantee fund, a forgivable loan/grant matching fund, a bad debt reserve fund, and a business planning assistance fund.

Requires First Children's Finance to set loan terms including interest rates, repayment agreements, and loan forgiveness conditions, with a minimum interest rate to cover administration costs.

Obligates First Children's Finance to report to the commissioner of human services by September 30, 2021 and 2022 on money usage, supported projects, loans made, assets, liabilities, and administrative expenses.

Requires First Children's Finance to submit annual independent auditor reports prepared in accordance with generally accepted accounting practices for each fiscal year receiving grant funds.