1.1 .................... moves to amend H. F. No. 657 as follows:
1.2Page 5, after line 24, insert:
1.3 "Sec. 7. Minnesota Statutes 2006, section 116M.18, subdivision 6a, is amended to read:
1.4 Subd. 6a.
Nonprofit corporation loans. The board may make loans to a nonprofit
1.5corporation with which it has entered into an agreement under subdivision 1. These
1.6loans must be used to support a new or expanding business. This support may include
1.7such forms of financing as the sale of goods to the business on installment or deferred
1.8payments, lease purchase agreements, or royalty investments in the business.
The
1.9interest rate charged by a nonprofit corporation for a loan under this subdivision must
1.10not exceed the Wall Street Journal primate rate plus four percent. For a loan under this
1.11subdivision, the nonprofit corporation may charge a loan origination fee equal to or less
1.12than one percent of the loan value. The nonprofit corporation may retain the amount of
1.13the origination fee. The nonprofit corporation must provide at least an equal match to the
1.14loan received by the board. The maximum loan available to the nonprofit corporation
1.15under this subdivision is $50,000. Loans made to the nonprofit corporation under this
1.16subdivision may be made without interest. Repayments made by the nonprofit corporation
1.17must be deposited in the revolving fund created for urban initiative grants."
1.18Renumber the sections in sequence and correct the internal references
1.19Amend the title accordingly