This bill amends existing Minnesota statutes related to cannabis microbusiness loans and grants. It increases the maximum state contribution for loans to cannabis microbusinesses from $50,000 to $75,000 and from $150,000 to $200,000 for certain qualifying businesses. The bill also establishes a new requirement for the commissioner to make loan approval decisions within 30 days of receiving an application, and if additional information is needed, the nonprofit corporation must be notified within 14 days. Furthermore, it allows nonprofit corporations to retain loan interest payments to cover their expenses and mandates that average interest rates charged by these corporations be reported biannually.

Additionally, the bill allows nonprofit corporations to use up to 5 percent of contract funds for administrative expenses related to technology, legal services, and other operational costs. It emphasizes the importance of supporting social equity applicants and businesses in communities with long-term residents eligible for social equity status. The changes aim to enhance the support structure for cannabis microbusinesses and improve the efficiency of loan and grant processes within the legal cannabis industry.

Statutes affected:
Introduction: 116J.659, 116J.6595
1st Engrossment: 116J.659, 116J.6595