Bill > SF3174

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 for a grant to Fortis Capital, a 501(c)(3) nonprofit organization. The grant is designated for establishing a revolving loan fund aimed at providing risk-mitigating capital to entrepreneurs from disadvantaged groups and supporting commercial development in underserved communities statewide. The bill stipulates that the fund should strategically partner with private sector lenders and other non-state funding sources to maximize its impact by leveraging additional outside capital. Up to 10% of the grant funds can be used for Fortis Capital's operational expenses, and the appropriation is a one-time allocation that remains available until fully expended. Additionally, the bill requires Fortis Capital to submit a comprehensive report to legislative committee chairs and ranking minority members by December 31, 2028, detailing how the grant funds were used and the outcomes of the program.

Labor and Employment

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3174&ssn=0&y=2025