Bill > SF1145

This bill establishes the GroundBreak Capital Access and Innovation Fund, which provides $50 million in fiscal year 2026 to the Minneapolis Foundation to improve access to capital for entrepreneurs, commercial real estate developers, and homeowners. The fund will offer three types of financial assistance: forgivable startup business loans up to $50,000 for businesses lacking traditional funding, commercial real estate equity enhancements up to $250,000 for development projects under $10 million, and forgivable down payment assistance loans up to $25,000 for first-time homebuyers in the seven-county metropolitan area. Loans will be administered through community development financial institutions and nonprofit organizations, with preferences for businesses seeking to hire employees and real estate projects securing traditional financing. Recipients must meet specific eligibility criteria, such as having primary operations in Minnesota and submitting comprehensive business or development plans. The loans will be partially or fully forgivable if recipients meet certain conditions, and the Minneapolis Foundation is required to provide annual reports to legislative committees detailing the program's impact, including the number of businesses and individuals supported, demographic information, and job creation metrics. The appropriation's base funding will decrease to $25 million in fiscal years 2028 and 2029, with no funding in 2030.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1145&ssn=0&y=2025