The bill amends existing Minnesota statutes related to cannabis microbusiness loans and grants, increasing the maximum state contribution to these loans from $50,000 to $75,000, and from $150,000 to $200,000 for certain qualifying businesses. It establishes a new deadline for the commissioner to approve loan applications, requiring decisions to be made within 30 days of receipt. Additionally, nonprofit corporations are now allowed to retain loan interest payments to cover their expenses, and they must report average interest rates charged biannually. The bill also clarifies that administrative expenses incurred by nonprofit corporations in providing various forms of assistance to businesses receiving loans are eligible for reimbursement under grant agreements.

Furthermore, the bill allows nonprofit corporations to use up to 15 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 ensure that nonprofit organizations can effectively manage and administer the loan and grant programs.

Statutes affected:
Introduction: 116J.659, 116J.6595