Bill > HF2033

This bill amends several provisions related to cannabis microbusinesses and nonprofit organizations in Minnesota. The bill increases the maximum state contribution for cannabis microbusiness loans from $50,000 to $75,000, and from $150,000 to $200,000 when matched by at least 25% of new private investment. It modifies the commissioner's deadline for loan application approval, requiring a decision within 30 days and providing a 14-day notification period if additional information is needed. The bill allows nonprofit corporations to retain loan interest payments to help cover their administrative expenses and permits them to charge loan origination fees up to 1% of the loan value. Additionally, the bill requires biannual public reporting of average interest rates and allows nonprofit corporations to use up to 15% of contract funds for various administrative expenses such as technology, legal services, and accounting. The legislation aims to support cannabis microbusinesses, particularly those owned by social equity applicants, by providing more flexible funding and administrative support for nonprofit organizations managing these loan programs.

Business and Industry, Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2033&ssn=0&y=2025