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Central and Northeast Minnesota group seeks $1M revolving capital to boost small-business lending
Summary
The Entrepreneur Fund requested a $1 million revolving-loan capital extension to leverage private and federal matching funds for small-business lending in 16 counties and five tribal nations; the committee laid the bill over for future consideration.
Representatives heard a brief presentation on House File 1506 from the Entrepreneur Fund, which seeks a $1 million revolving-loan capital infusion the organization says it will leverage to provide small-business loans in parts of central and northeastern Minnesota.
CEO Sean Wellness told the committee the Entrepreneur Fund focuses on markets that private lenders under-serve, including start-ups and main-street projects, and said public capital can catalyze further private investment. "We provide access to opportunities where markets don't serve well," Wellness said. "To do that work we need capital to lend out." He said the requested $1 million would be leveraged at least threefold with private or federal matching funds.
Representative Kozlowski moved House File 1506 to be before the committee and the bill was laid over so members could consider it in a future omnibus or funding package.
