Bill > SF1449

This bill modifies several provisions related to cannabis microbusinesses and their financing in Minnesota. The bill increases the maximum state contribution to cannabis microbusiness loans from $50,000 to $75,000, and from $150,000 to $200,000 if matched by at least 25% private investment. It streamlines the loan approval process by requiring the commissioner to make approval decisions within 30 days and provide notification within 14 days if additional information is needed. The bill limits cannabis microbusinesses to a maximum of two program loans and prohibits refinancing existing debt. Additionally, the bill allows nonprofit corporations to retain loan origination fees and interest payments to cover administrative expenses, and mandates that average interest rates be reported biannually. The legislation also permits nonprofit corporations to use up to 5% of contract funds for administrative expenses, including technology, legal services, training, and accounting. The bill continues to prioritize loans for social equity applicants and businesses in communities with long-term residents who qualify as social equity applicants, maintaining the program's focus on supporting cannabis entrepreneurs who have historically faced barriers to entry in the industry.

Business and Industry, Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1449&ssn=0&y=2025