Bill > HF2581

This bill appropriates $1,000,000 from the state's general fund in fiscal year 2026 to the commissioner of employment and economic development, specifically to provide a grant to Fortis Capital, a 501(c)(3) nonprofit organization. The grant is intended to establish a revolving loan fund that will provide risk-mitigating capital for commercial development in underserved communities and support entrepreneurs from disadvantaged groups across Minnesota. The bill requires the loan fund to focus on creating partnerships with private sector lenders and other non-state funding sources to maximize the fund's impact through capital leveraging. Up to 10% of the grant funds can be used for Fortis Capital's operating costs, and the appropriation is a one-time allocation that will remain available until expended. Additionally, the bill mandates that Fortis Capital submit a detailed report to legislative committee chairs and ranking minority members by December 31, 2028, which must outline how the grant funds were used and describe the program's outcomes.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2581&ssn=0&y=2025