Bill Text: MN HF132 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Business expansion low-interest loan program established, funding provided, and money appropriated.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2013-01-22 - Introduction and first reading, referred to Jobs and Economic Development Finance and Policy [HF132 Detail]
Download: Minnesota-2013-HF132-Introduced.html
1.2relating to economic development; establishing a business expansion low-interest
1.3loan program; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. BUSINESS EXPANSION LOW-INTEREST LOAN PROGRAM.
1.6 Subdivision 1. Loan program. The commissioner of employment and economic
1.7development may make low-interest loans to an eligible business for the purpose of
1.8expanding businesses whose products are sold primarily outside of the state. The
1.9commissioner shall allocate funds between each of 11 regional development commissions
1.10in the development regions described in Minnesota Statutes, section 462.385. The 11
1.11regional development commissions are responsible for distributing and monitoring loan
1.12funds. To be eligible for a loan under this section, a business must generate at least 50
1.13percent of revenue from products sold outside of the state. The regional development
1.14commissions may determine merit criteria to facilitate the distribution of funds.
1.15 Subd. 2. Revolving loan account. The commissioner shall use money appropriated
1.16for the purposes of this section to establish a revolving loan account. All repayments of
1.17loans made under this section must be deposited into this account. Interest earned on
1.18money in the account accrues to the account. Money in the account is appropriated to the
1.19commissioner for the purposes of this section.
1.20 Sec. 2. APPROPRIATION.
1.21$80,000,000 for the biennium beginning July 1, 2013, is appropriated from the general
1.22fund to the commissioner of employment and economic development for the purposes of
1.23the business expansion low-interest loan program under section 1. Of this appropriation,
2.1no more than $20,000,000 may be allocated to any one regional development commission,
2.2and each of the 11 regional development commissions must receive at least $5,000,000 in
2.3low-interest loan funds. This is a onetime appropriation and is available until spent.
1.3loan program; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. BUSINESS EXPANSION LOW-INTEREST LOAN PROGRAM.
1.6 Subdivision 1. Loan program. The commissioner of employment and economic
1.7development may make low-interest loans to an eligible business for the purpose of
1.8expanding businesses whose products are sold primarily outside of the state. The
1.9commissioner shall allocate funds between each of 11 regional development commissions
1.10in the development regions described in Minnesota Statutes, section 462.385. The 11
1.11regional development commissions are responsible for distributing and monitoring loan
1.12funds. To be eligible for a loan under this section, a business must generate at least 50
1.13percent of revenue from products sold outside of the state. The regional development
1.14commissions may determine merit criteria to facilitate the distribution of funds.
1.15 Subd. 2. Revolving loan account. The commissioner shall use money appropriated
1.16for the purposes of this section to establish a revolving loan account. All repayments of
1.17loans made under this section must be deposited into this account. Interest earned on
1.18money in the account accrues to the account. Money in the account is appropriated to the
1.19commissioner for the purposes of this section.
1.20 Sec. 2. APPROPRIATION.
1.21$80,000,000 for the biennium beginning July 1, 2013, is appropriated from the general
1.22fund to the commissioner of employment and economic development for the purposes of
1.23the business expansion low-interest loan program under section 1. Of this appropriation,
2.1no more than $20,000,000 may be allocated to any one regional development commission,
2.2and each of the 11 regional development commissions must receive at least $5,000,000 in
2.3low-interest loan funds. This is a onetime appropriation and is available until spent.
