| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 1.1 A bill for an act | |
| 2 | 2 | 1.2 relating to economic development; requiring a report; appropriating money for a | |
| 3 | 3 | 1.3 grant to Fortis Capital for a revolving loan fund. | |
| 4 | 4 | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: | |
| 5 | 5 | 1.5 Section 1. FORTIS CAPITAL; APPROPRIATION. | |
| 6 | 6 | 1.6 (a) $1,000,000 in fiscal year 2026 is appropriated from the general fund to the | |
| 7 | 7 | 1.7commissioner of employment and economic development for a grant to Fortis Capital, a | |
| 8 | 8 | 1.8501(c)(3) nonprofit corporation, for a revolving loan fund to provide risk-mitigating capital | |
| 9 | 9 | 1.9for commercial development activities in underserved communities and to entrepreneurs | |
| 10 | 10 | 1.10from disadvantaged groups statewide. This revolving loan fund must focus on partnerships | |
| 11 | 11 | 1.11with private sector lenders and other sources of nonstate funds to maximize the impact of | |
| 12 | 12 | 1.12the fund by leveraging outside capital. Of this amount, up to ten percent may be used for | |
| 13 | 13 | 1.13Fortis Capital's operating costs. This is a onetime appropriation and is available until | |
| 14 | 14 | 1.14expended. | |
| 15 | 15 | 1.15 (b) Fortis Capital shall submit a report to the chairs and ranking minority members of | |
| 16 | 16 | 1.16the legislative committees with jurisdiction over economic development by December 31, | |
| 17 | 17 | 1.172028, that details the use of grant funds and program outcomes. | |
| 18 | 18 | 1Section 1. | |
| 19 | 19 | 25-04702 as introduced03/12/25 REVISOR SS/VJ | |
| 20 | 20 | SENATE | |
| 21 | 21 | STATE OF MINNESOTA | |
| 22 | 22 | S.F. No. 3174NINETY-FOURTH SESSION | |
| 23 | 23 | (SENATE AUTHORS: MOHAMED) | |
| 24 | 24 | OFFICIAL STATUSD-PGDATE | |
| 25 | 25 | Introduction and first reading04/01/2025 | |
| 26 | 26 | Referred to Jobs and Economic Development |