Bill Text: MN SF2912 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Mille Lacs Lake business loan program and appropriation
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-03-27 - Referred to Jobs, Agriculture and Rural Development [SF2912 Detail]
Download: Minnesota-2013-SF2912-Introduced.html
1.2relating to economic development; appropriating money for the Mille Lacs Lake
1.3business loan program.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. MILLE LACS LAKE BUSINESS LOAN PROGRAM.
1.6The commissioner of employment and economic development shall make loans to
1.7businesses in the Mille Lacs Lake area that have been severely affected by the decline
1.8of the walleye fishing resource in Mille Lacs Lake. The loans may only be made to
1.9businesses that were in operation prior to the decline in walleye fishing. A business must
1.10submit an application to the commissioner on forms provided by the commissioner. The
1.11application must include a business plan for continued operation, with the assistance of
1.12the loan, until the walleye fishing resource recovers. The commissioner shall allocate
1.13available loan funds to a business based on the commissioner's evaluation of the probable
1.14success of the business plan. A loan shall be for a maximum amount of $75,000 and a
1.15duration of ten years from the date of the loan and shall be interest free. Repayment of a
1.16loan in monthly payments of 1/120 of the original principal amount must begin no later
1.17than one year after walleye fishing on Mille Lacs Lake improves to average levels as
1.18determined by the Department of Natural Resources. Any principal balance remaining at
1.19the end of the ten-year period shall be forgiven if the business continues in operation for
1.20the ten-year period. Loan repayments shall be deposited in the general fund.
1.21 Sec. 2. MILLE LACS LAKE BUSINESS LOAN PROGRAM; APPROPRIATION.
2.1$500,000 in fiscal year 2015 is appropriated from the general fund to the
2.2commissioner of employment and economic development for the purpose of the Mille Lacs
2.3Lake business loan program. This appropriation is onetime and available until expended.
1.3business loan program.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. MILLE LACS LAKE BUSINESS LOAN PROGRAM.
1.6The commissioner of employment and economic development shall make loans to
1.7businesses in the Mille Lacs Lake area that have been severely affected by the decline
1.8of the walleye fishing resource in Mille Lacs Lake. The loans may only be made to
1.9businesses that were in operation prior to the decline in walleye fishing. A business must
1.10submit an application to the commissioner on forms provided by the commissioner. The
1.11application must include a business plan for continued operation, with the assistance of
1.12the loan, until the walleye fishing resource recovers. The commissioner shall allocate
1.13available loan funds to a business based on the commissioner's evaluation of the probable
1.14success of the business plan. A loan shall be for a maximum amount of $75,000 and a
1.15duration of ten years from the date of the loan and shall be interest free. Repayment of a
1.16loan in monthly payments of 1/120 of the original principal amount must begin no later
1.17than one year after walleye fishing on Mille Lacs Lake improves to average levels as
1.18determined by the Department of Natural Resources. Any principal balance remaining at
1.19the end of the ten-year period shall be forgiven if the business continues in operation for
1.20the ten-year period. Loan repayments shall be deposited in the general fund.
1.21 Sec. 2. MILLE LACS LAKE BUSINESS LOAN PROGRAM; APPROPRIATION.
2.1$500,000 in fiscal year 2015 is appropriated from the general fund to the
2.2commissioner of employment and economic development for the purpose of the Mille Lacs
2.3Lake business loan program. This appropriation is onetime and available until expended.
