MN HF19

$5,000,000 appropriated in fiscal year 2021 from the coronavirus relief federal fund to the commissioner of human services for a grant to First Children's Finance to make loans for child care and early childhood education site improvements, planning, design, construction, or expansion.

First Children's Finance shall establish a revolving loan fund, a private loan guarantee fund, a forgivable loan or grant matching fund, a bad debt reserve fund, and a business planning assistance fund for child care providers.

First Children's Finance must establish terms and conditions for loans including interest rates, repayment agreements, private match requirements, and loan forgiveness conditions, with minimum interest rates set to cover administrative costs.

Funds must be distributed proportionately between the 11-county metropolitan area and greater Minnesota, with annual reporting to the commissioner of human services by September 30 and independent audits submitted annually.

Appropriations are available until December 30, 2020, and no funds may be spent until the commissioner of management and budget determines the appropriations are an eligible use of the coronavirus relief fund.