Minnesota HF1114 allocates $50 million to the GroundBreak Capital Access and Innovation Fund for forgivable loans and equity enhancements.
Minnesota HF1114 provides $50 million in funding for the GroundBreak Capital Access and Innovation Fund. This fund supports forgivable startup business loans, commercial real estate equity enhancements, and forgivable down payment assistance loans. The Minneapolis Foundation administers the fund, providing capital to community development financial institutions and nonprofits. The fund offers forgivable loans with specific terms, including a 20% forgiveness rate per year and recapture waivers for hardship cases.
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