MN SF31

$5,000,000 appropriated from the coronavirus relief federal fund in fiscal year 2021 to the commissioner of human services for a grant to First Children's Finance.

First Children's Finance shall establish a revolving loan fund for loans to existing, expanding, and newly licensed child care and early childhood education sites, and may guarantee private loans for site improvements or construction.

First Children's Finance must establish forgivable loans or grants to match loans, a reserve fund against bad debt, and a business planning assistance fund for child care providers.

First Children's Finance must distribute funds proportionately between the 11-county metropolitan area and greater Minnesota, and shall report annually to the commissioner of human services on loan usage, projects supported, and program finances.

Funds are available until December 30, 2020, and may not be spent until the commissioner of management and budget determines the appropriation is an eligible use of the coronavirus relief fund.