This bill amends existing Minnesota statutes related to cannabis microbusiness loans and grants. It increases the maximum state contribution to loans for 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 deadline for the commissioner to approve loan applications, requiring decisions to be made within 30 days of receipt. Additionally, it allows nonprofit corporations to retain loan interest payments to cover operational expenses and mandates that average interest rates charged by these corporations be reported biannually.

Furthermore, the bill introduces provisions for nonprofit corporations to use up to 5% 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