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