The bill establishes the GroundBreak Capital Access and Innovation Fund, which aims to improve access to capital for entrepreneurship, commercial real estate development, and homeownership in Minnesota. It appropriates $50 million from the general fund for fiscal year 2026 to the commissioner of employment and economic development, specifically for grants to the Minneapolis Foundation. The funding will support forgivable startup business loans, commercial real estate equity enhancements, and forgivable down payment assistance loans, with specific eligibility criteria and reporting requirements outlined for each type of financial assistance.

The bill also mandates the Minneapolis Foundation to provide capital to originating partners for these forgivable loans and enhancements, with a focus on supporting businesses that lack access to traditional funding sources. It includes provisions for program administration, requiring the establishment of accounting practices and reporting mechanisms to track the use of funds and program outcomes. Additionally, the Minneapolis Foundation must submit annual reports detailing the impact of the program on job creation and demographic information of recipients, as well as complete an independent audit by February 15, 2027.