Bill > HF1114

This bill establishes the GroundBreak Capital Access and Innovation Fund, which appropriates $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 provide three types of financial assistance: forgivable startup business loans (up to $50,000 per business), commercial real estate equity enhancements (up to $250,000 per project), and forgivable down payment assistance loans (up to $25,000 per borrower). Startup business loans will be available to Minnesota-based businesses seeking initial growth capital, with preference given to businesses planning to hire employees. Commercial real estate projects must be located in the state and have total project costs under $10 million. Down payment assistance loans are targeted at first-time homebuyers in the seven-county metropolitan area, with specific income and residency requirements. Originating partners (community development financial institutions or nonprofit organizations) will administer the loans, with up to 5-10% of funds allowed for program administration and technical assistance. The Minneapolis Foundation is required to submit annual reports detailing the program's outcomes, including the number of businesses and individuals supported, demographic information, and job creation impact. The base appropriation will decrease to $25 million in fiscal years 2028 and 2029, with funds needing to be committed by June 30, 2029.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1114&ssn=0&y=2025