| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to economic development; requiring a report; appropriating money for a |
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| 3 | 3 | | 1.3 grant to Fortis Capital for a revolving loan fund. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. FORTIS CAPITAL; APPROPRIATION. |
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| 6 | 6 | | 1.6 (a) $1,000,000 in fiscal year 2026 is appropriated from the general fund to the |
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| 7 | 7 | | 1.7commissioner of employment and economic development for a grant to Fortis Capital, a |
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| 8 | 8 | | 1.8501(c)(3) nonprofit corporation, for a revolving loan fund to provide risk-mitigating capital |
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| 9 | 9 | | 1.9for commercial development activities in underserved communities and to entrepreneurs |
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| 10 | 10 | | 1.10from disadvantaged groups statewide. This revolving loan fund must focus on partnerships |
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| 11 | 11 | | 1.11with private sector lenders and other sources of nonstate funds to maximize the impact of |
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| 12 | 12 | | 1.12the fund by leveraging outside capital. Of this amount, up to ten percent may be used for |
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| 13 | 13 | | 1.13Fortis Capital's operating costs. This is a onetime appropriation and is available until |
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| 14 | 14 | | 1.14expended. |
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| 15 | 15 | | 1.15 (b) Fortis Capital shall submit a report to the chairs and ranking minority members of |
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| 16 | 16 | | 1.16the legislative committees with jurisdiction over economic development by December 31, |
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| 17 | 17 | | 1.172028, that details the use of grant funds and program outcomes. |
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| 18 | 18 | | 1Section 1. |
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| 19 | 19 | | REVISOR SS/VJ 25-0470203/12/25 |
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| 20 | 20 | | State of Minnesota |
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| 21 | 21 | | This Document can be made available |
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| 22 | 22 | | in alternative formats upon request |
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| 23 | 23 | | HOUSE OF REPRESENTATIVES |
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| 24 | 24 | | H. F. No. 2581 |
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| 25 | 25 | | NINETY-FOURTH SESSION |
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| 26 | 26 | | Authored by Frazier03/20/2025 |
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| 27 | 27 | | The bill was read for the first time and referred to the Committee on Workforce, Labor, and Economic Development Finance and Policy |
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