MO HB2628

Creates the Missouri Minority Business Loan Program, authorizing the Department of Economic Development to loan or grant up to $29 million from general revenue to qualified entities for establishing revolving loan funds for minority businesses

Caps individual loans at $5 million or 50% of total project costs (whichever is less), with terms up to 7 years for working capital, 10 years for machinery, and 15 years for land/buildings

Requires borrowers to be private for-profit enterprises with at least 5% equity interest, demonstrate repayment ability, and have at least 50% Missouri resident ownership

Establishes a bond guarantee program (capped at $5 million) to help minority businesses obtain bid, performance, and payment bonds for government contracts

Includes automatic sunset provisions: program expires 6 years after enactment unless reauthorized, then 12 years after any reauthorization