Title Minnesota Statutes, Minnesota Statutes

116J.8761 CAPITAL ACCESS PROGRAM; CREATION; ADMINISTRATION. (a) A capital access program is created in the Department of Employment and Economic Development. The purpose of the capital access program is to provide capital to businesses, particularly small and medium-sized busines…

116J.8762 COMMISSIONER; DUTIES. § Subdivision 1.Duties. The commissioner must: (1) with respect to loans: (i) market the capital access program to businesses and other persons in the state in cooperation with financial institutions and statewide associations representing financia…

116J.8763 ELIGIBLE LOANS. § Subdivision 1.Loan types. Eligible loans may include: (1) loans made for industrial, commercial, or agricultural purposes; (2) refinancing of loans made for the purposes in clause (1); and (3) lines of credit agreements established between the lender a…

116J.8764 ENROLLMENT OF LOANS IN PROGRAM. § Subdivision 1.Filing requirements. (a) To enroll a loan under this program, the lender must file a completed loan enrollment form with the commissioner. The lender must also certify the following to the commissioner as part of the filin…

116J.8765 RESERVE FUND; PREMIUMS. § Subdivision 1.Creation. Upon execution of an agreement between the lender and the commissioner, the commissioner shall establish a reserve fund account with the lender in the name of the commissioner for the purpose of receiving all required pr…

116J.8766 CLAIMS BY LENDER TO RESERVE FUND. § Subdivision 1.Claim process. (a) If the lender charges off all or part of an enrolled loan, the lender may file a claim with the commissioner. The claim must be filed contemporaneously with the charge-off. (b) The lender's claim may i…

116J.8767 SUBROGATION OF CLAIMS. § Subdivision 1.Limitation. The commissioner may exercise the right of subrogation under this section if the commissioner determines, in the commissioner's discretion, that the lender has not exercised reasonable care and diligence in its collecti…

116J.8768 EXCESS RESERVE FUNDS. § Subdivision 1.Reports. The lender shall file quarterly reports with the commissioner indicating the number and aggregate outstanding balance of all enrolled loans as of the end of each quarter. A quarterly report is not required for any quarter t…

116J.8769 TERMINATION. The commissioner may terminate the obligation to a lender to enroll loans under the program if the commissioner determines that the lender is not in substantial compliance with the requirements of the program. The termination takes effect on the date specif…

116J.8770 EQUITY INVESTMENTS. The commissioner may invest funds from the capital access account to make equity investments in community development venture capital funds for the purpose of providing capital for small and emerging businesses. The community development venture capi…

116J.8771 WAIVER. The capital access program is exempt from section 16C.05, subdivision 2, paragraph (b). History: 2001 c 153 s 5; 1Sp2003 c 1 art 2 s 64

116J.881 SMALL BUSINESS LOAN GUARANTEE PROGRAM. § Subdivision 1.Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) "Borrower" means a small business receiving an eligible loan under this section. (c) "Commissioner" means the commission…

116J.955 RURAL REHABILITATION REVOLVING ACCOUNT. § Subdivision 1.Establishment. The rural rehabilitation account is in the special revenue fund. The money transferred to the state as a result of liquidating the Rural Rehabilitation Corporation Trust, and money derived from transf…

116J.966 COMMISSIONER'S TRADE PROMOTION DUTIES. § Subdivision 1.Generally. (a) The commissioner shall promote, develop, and facilitate trade and foreign investment in Minnesota. In furtherance of these goals, and in addition to the powers granted by section 116J.035, the commissi…

116J.976 STATE APPROVAL OF GOVERNMENT PROCUREMENT AGREEMENTS. Any decision of the state to enter into government procurement agreements relating to United States trade agreements must be approved by the governor and the legislature. History: 2008 c 300 s 3

116J.978 MINNESOTA TRADE OFFICES IN FOREIGN MARKETS. (a) The commissioner of employment and economic development shall establish three new Minnesota Trade Offices in key foreign markets selected for their potential to increase Minnesota exports and attract foreign direct investme…

116J.9781 INVEST MINNESOTA. The commissioner shall establish the Invest Minnesota marketing initiative. This initiative must focus on branding the state's economic development initiatives and promoting Minnesota business opportunities. The initiative may include measures to commu…

116J.979 MINNESOTA STEP GRANTS. § Subdivision 1.Establishment. The commissioner of employment and economic development shall create a State Trade and Export Promotion grants program, hereafter STEP grants, to provide financial and technical assistance to eligible Minnesota small …

116J.980 COMMUNITY DEVELOPMENT. § Subdivision 1.Duties. The Department of Employment and Economic Development shall: (1) be responsible for administering all state community development and assistance programs, including the economic recovery account, the rural development progra…

116J.982 COMMUNITY DEVELOPMENT CORPORATIONS. § Subdivision 1.Definitions. For the purposes of this section, the terms in this subdivision have the meanings given them: (a) "Commissioner" means the commissioner of employment and economic development. (b) "Economic development regi…

116J.9921 OFFICE OF PUBLIC SERVICE. § Subdivision 1.Definitions. (a) For the purposes of this section, the terms in this subdivision have the meanings given. (b) "Department" means the Department of Employment and Economic Development. (c) "Office" means the Office of Public Serv…

116J.9922 CENTRAL MINNESOTA OPPORTUNITY GRANT PROGRAM. § Subdivision 1.Definitions. (a) For the purposes of this section, the following terms have the meanings given. (b) "Commissioner" means the commissioner of employment and economic development. (c) "Community initiative" mean…

116J.9923 TELECOMMUTER FORWARD! CERTIFICATION. § Subdivision 1.Definition. In this section, "political subdivision" means a city, township, or county. § Subd. 2.Certification. A political subdivision may apply to the commissioner of employment and economic development for certifi…

116J.9924 TARGETED COMMUNITY CAPITAL PROJECT GRANT PROGRAM. § Subdivision 1.Definitions. (a) For the purposes of this section, the following terms have the meanings given. (b) "Capital project" or "project" means the acquisition or betterment of buildings or other fixed assets an…

116J.9926 EMERGING DEVELOPER FUND PROGRAM. § Subdivision 1.Definitions. (a) For the purposes of this section, the following terms have the meanings given. (b) "Commissioner" means the commissioner of employment and economic development. (c) "Disadvantaged community" means a commu…

116J.993 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 116J.993 to 116J.995, the terms defined in this section have the meanings given them. § Subd. 2.Benefit date. "Benefit date" means the date that the recipient receives the business subsidy. If the business …

116J.994 REGULATING LOCAL AND STATE BUSINESS SUBSIDIES. § Subdivision 1.Public purpose. A business subsidy must meet a public purpose which may include, but may not be limited to, increasing the tax base. Job retention may only be used as a public purpose in cases where job loss …

116J.995 ECONOMIC GRANTS. An appropriation rider in an appropriation to the Department of Employment and Economic Development that specifies that the appropriation be granted to a particular business or class of businesses must contain a statement of the expected benefits associa…

116J.996 MILITARY RESERVIST ECONOMIC INJURY AND VETERAN-OWNED SMALL BUSINESS LOANS. § Subdivision 1.Definitions. (a) The definitions in this subdivision apply to this section. (b) "Active service" has the meaning given in section 190.05. (c) "Commissioner" means the commissioner …