Minnesota legislation · 94th Legislature 2025-2026
Minnesota HF4477: Minnesota business recovery loan program established, report required, and money appropriated.
Status: In committee, April 9, 2026
What the bill says
A bill for an act relating to economic development; establishing a Minnesota business recovery loan program; appropriating money; requiring a report. new text begin [ADDED: Subdivision 1.] new text end new text begin [ADDED: Appropriation.] new text end new text begin [ADDED: (a) $100,000,000 in fiscal year 2026 is appropriated from the Minnesota forward fund account to the commissioner of employment and economic development for deposit in the small business emergency loan account in the special revenue fund under Minnesota Statutes, section 116M.18, subdivision 9, for loans under this section.
From the introduced text, March 18, 2026:
A bill for an act relating to economic development; establishing a Minnesota business recovery loan program; appropriating money; requiring a report. new text begin [ADDED: Subdivision 1.] new text end new text begin [ADDED: Appropriation.] new text end new text begin [ADDED: (a) $100,000,000 in fiscal year 2026 is appropriated from the Minnesota forward fund account to the commissioner of employment and economic development for deposit in the small business emergency loan account in the special revenue fund under Minnesota Statutes, section 116M.18, subdivision 9, for loans under this section. This is a onetime appropriation. Money is available until June 30, 2028.] new text end new text begin [ADDED: (b) Of the amount appropriated in paragraph (a):] new text end new text begin [ and] new text end new text begin [ADDED: (2) $82,000,000 is for grants to nonprofit corporations that meet the criteria under Minnesota Statutes, section 116M.18, subdivision 2, and are a currently certified nonprofit partners to provide zero-interest loans to businesses in the seven-county metropolitan area. The commissioner of employment and economic development shall select from the approved lenders a list of lenders that have the capacity to operate the Minnesota business recovery loan program.] new text end new text begin [ADDED: (c) Of the amount appropriated in paragraph (a), no more than eight percent may be …