Minnesota SF1449 modifies provisions for cannabis microbusinesses, including loan terms and grant criteria.

Minnesota SF1449 amends the state's cannabis microbusiness loan program by adjusting the maximum state contributions to $50,000 or $200,000 if matched by private investment. It mandates that the commissioner approve loan applications within 30 days and allows nonprofit corporations to retain loan interest payments to cover expenses. The bill also requires reporting of loan interest rates and permits nonprofits to use up to 15% of contract funds for administrative expenses.

Minnesota SF1449 modifies provisions for cannabis microbusinesses, including loan terms and grant criteria.

Minnesota SF1449 amends the state's cannabis microbusiness loan program by adjusting the maximum state contributions to $50,000 or $200,000 if matched by private investment. It mandates that the commissioner approve loan applications within 30 days and allows nonprofit corporations to retain loan interest payments to cover expenses. The bill also requires reporting of loan interest rates and permits nonprofits to use up to 15% of contract funds for administrative expenses.