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MN HF4549
Bill
Status
Introduced
3/23/2022
Primary Sponsor
Samantha Vang
Click for details
AI Summary
- Appropriates $12,000,000 from the general fund in fiscal year 2023 to the commissioner of employment and economic development for a grant to Fortis Capital, a 501(c)(3) nonprofit corporation.
- Grant funds establish a revolving loan fund to provide risk-mitigating capital for commercial development activities in underserved communities and to entrepreneurs from disadvantaged groups statewide.
- Revolving loan fund prioritizes partnerships with private sector lenders to leverage private sector funds and maximize the fund's impact.
- Requires Fortis Capital to submit a report by December 31, 2023, to legislative committee chairs and ranking minority members with jurisdiction over economic development detailing fund use and program outcomes.
- Designated as a onetime appropriation.
Legislative Description
Fortis Capital revolving loan fund grant funding provided, report required, and money appropriated.
Last Action
Introduction and first reading, referred to Workforce and Business Development Finance and Policy
3/23/2022
Committee Referrals
Workforce and Business Development Finance & Policy3/23/2022
Full Bill Text
No bill text available