Minnesota HF2982 allocates $1 million to a nonprofit for creating a credit union serving underserved, low-income individuals.

Minnesota HF2982 provides $500,000 in fiscal year 2026 and $500,000 in fiscal year 2027 from the general fund to the commissioner of employment and economic development. This funding is intended for a grant to a nonprofit to establish a federally or state-chartered credit union. The credit union must serve low-income individuals with limited access to traditional banking services, offering deposit, investment, and loan services in a culturally appropriate manner. It must also operate at least one physical location for member access.

Minnesota HF2982 allocates $1 million to a nonprofit for creating a credit union serving underserved, low-income individuals.

Minnesota HF2982 provides $500,000 in fiscal year 2026 and $500,000 in fiscal year 2027 from the general fund to the commissioner of employment and economic development. This funding is intended for a grant to a nonprofit to establish a federally or state-chartered credit union. The credit union must serve low-income individuals with limited access to traditional banking services, offering deposit, investment, and loan services in a culturally appropriate manner. It must also operate at least one physical location for member access.