Minnesota business recovery loan program established to assist businesses affected by increased immigration enforcement.

The bill establishes a Minnesota business recovery loan program to aid businesses impacted by increased immigration enforcement. It appropriates $100 million for the program, with $18 million for grants to the Minnesota Initiative Foundations and $82 million for nonprofit corporations to provide zero-interest loans. Eligible businesses must be located in Minnesota, owned by permanent residents, and demonstrate a revenue loss of over 30%. Loan amounts vary based on employee count and annual gross receipts.

Minnesota business recovery loan program established to assist businesses affected by increased immigration enforcement.

The bill establishes a Minnesota business recovery loan program to aid businesses impacted by increased immigration enforcement. It appropriates $100 million for the program, with $18 million for grants to the Minnesota Initiative Foundations and $82 million for nonprofit corporations to provide zero-interest loans. Eligible businesses must be located in Minnesota, owned by permanent residents, and demonstrate a revenue loss of over 30%. Loan amounts vary based on employee count and annual gross receipts.