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HF100 NINTH ENGROSSMENT REVISOR BD 1-10100-9 <br />169.1 (d) In awarding grants under this subdivision, the commissioner shall give weight to <br />169.2 whether the nonprofit corporation: <br />169.3 (1) has a board of directors that includes citizens experienced in business and community <br />169.4 development, new business enterprises, and creating jobs for people facing barriers to <br />169.5 education or employment; <br />169.6 (2) has the technical skills to analyze projects; <br />169.7 (3) is familiar with other available Dublic and Drivate fundiniz sources and economic <br />169.8 development programs; <br />169.9 (4) can initiate and implement economic development projects; <br />169.10 (5) can establish and administer a revolving loan account; <br />169.11 (6) can work with job referral networks that assist people facing barriers to education <br />169.12 or employment; and <br />169.13 (7) has established relationships with communities where long-term residents are eligible <br />169.14 to be social equity applicants. <br />169.15 The commissioner shall make grants that will assist new cannabis microbusinesses. <br />169.16 (e) A nonprofit corporation that receives a grant under the program must: <br />169.17 (1) establish a commissioner -certified revolving loan account for the purpose of making <br />169.18 eligible loans; and <br />169.19 (2) enter into an agreement with the commissioner that the commissioner shall fund <br />169.20 loans that the nonprofit corporation makes to new cannabis microbusinesses. The <br />169.21 commissioner shall review existing agreements with nonprofit corporations every five years <br />169.22 and may renew or terminate an agreement based on that review. In making this review, the <br />169.23 commissioner shall consider, among other criteria, the criteria in paragraph (d). <br />169.24 Subd. 4. Loans to businesses. (a) The criteria in this subdivision apply to loans made <br />169.25 by nonprofit corporations under the program. <br />169.26 (b) Loans must be used to support a new cannabis microbusiness in the legal cannabis <br />169.27 industry. Priority must be given to loans to businesses owned by individuals who are eligible <br />169.28 to be social equity applicants and businesses located in communities where long-term <br />169.29 residents are eligible to be social equity applicants. <br />169.30 (c) Loans must be made to cannabis microbusinesses that are not likely to undertake the <br />169.31 project for which loans are sought without assistance from the program. <br />Article 3 Section 1. 169 <br />