SF4272

Purpose

This bill provides a one-time funding infusion to support the Emerging Entrepreneur Loan Program. It transfers money from the General Fund to the program’s dedicated funding account to help the program operate and lend.

Main Provisions

• One-time transfer: In fiscal year 2027, $2,000,000 is transferred from the General Fund to the Emerging Entrepreneur Program Special Revenue Fund Account (per Minnesota Statutes section 116M.18).
• Administration and monitoring: The Commissioner of Employment and Economic Development may use up to 4% of the transferred amount for administration and monitoring of the program.
• Legal basis: The transfer uses the Emerging Entrepreneur Program Special Revenue Fund Account established under Minn. Stat. 116M.18.

Impact and What Changes

• Funding mechanism: Establishes a one-time infusion of funds specifically for the Emerging Entrepreneur Loan Program, increasing its available resources for that year.
• Administrative cost allowance: Allows a portion (up to 4%) of the transferred funds to cover administrative and monitoring activities related to the program.
• Not an ongoing appropriation: Describes a one-time transfer rather than a permanent or recurring funding change.

Fiscal Details (at a glance)

• Amount: $2,000,000
• Source: General Fund
• Destination: Emerging Entrepreneur Program Special Revenue Fund Account (Minn. Stat. 116M.18)
• Fiscal year: 2027
• Administrative use: Up to 4% for administration and monitoring

Relevant Terms - general fund - emerging entrepreneur loan program - emerging entrepreneur program special revenue fund account - Minnesota Statutes section 116M.18 - commissioner of employment and economic development - administration - monitoring - one-time transfer - fiscal year 2027