The bill establishes a Rideshare Drivers Fund Program in Minnesota, appropriating $2,000,000 from the workforce development fund for fiscal year 2025. This program aims to provide loans to Transportation Network Company (TNC) drivers for purchasing personal vehicles to facilitate rideshare services. The commissioner of employment and economic development is tasked with awarding grants to community development financial institutions or similar nonprofit organizations to administer these loans. To qualify for a loan, TNC drivers must meet specific criteria, including a minimum of one year of driving experience, a household income not exceeding $80,000, and the ability to repay the loan while maintaining required vehicle insurance and registration.

Additionally, the bill creates a dedicated account within the special revenue fund for the rideshare drivers fund program, allowing the commissioner to manage the funds and any received gifts or grants. Loans provided under this program will be zero-interest, with a maximum amount of $15,000, or $20,000 for wheelchair-accessible vehicles, and must have flexible terms compared to traditional loans. Grantees can allocate up to 10% of their grant for administrative costs, and loan repayment will be directed back to the rideshare drivers fund program account.

Statutes affected:
Introduction: 116J.5492
1st Engrossment: 116L.17, 116J.8748, 116J.435, 116J.5492, 116M.18, 268A.11, 446A.072, 446A.073