.................... moves to amend H. F. No. 657 as follows:
Page 5, after line 24, insert:
"Sec. 7. Minnesota Statutes 2006, section 116M.18, subdivision 6a, is amended to read:
Subd. 6a. Nonprofit corporation loans.
The board may make loans to a nonprofit
corporation with which it has entered into an agreement under subdivision 1. These
loans must be used to support a new or expanding business. This support may include
such forms of financing as the sale of goods to the business on installment or deferred
payments, lease purchase agreements, or royalty investments in the business. The
1.9interest rate charged by a nonprofit corporation for a loan under this subdivision must
1.10not exceed the Wall Street Journal primate rate plus four percent. For a loan under this
1.11subdivision, the nonprofit corporation may charge a loan origination fee equal to or less
1.12than one percent of the loan value. The nonprofit corporation may retain the amount of
1.13the origination fee.
The nonprofit corporation must provide at least an equal match to the
loan received by the board. The maximum loan available to the nonprofit corporation
under this subdivision is $50,000. Loans made to the nonprofit corporation under this
subdivision may be made without interest. Repayments made by the nonprofit corporation
must be deposited in the revolving fund created for urban initiative grants."
Renumber the sections in sequence and correct the internal references
Amend the title accordingly