Subdivision 1. Terms. For the purposes of this section and sections 116J.8761 to 116J.8769, the terms defined in this section have the meanings given them.
Subd. 2. Agreement. "Agreement" means an agreement between a lender and the commissioner under which a lender may participate in the program.
Subd. 3. Borrower. "Borrower" means the recipient of a loan which is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:
(1) the borrower is a corporation, partnership, joint venture, sole proprietorship, cooperative, or other entity, whether profit or nonprofit, which is authorized to conduct business in the state; and
(2) the borrower is not an executive officer, director, or principal shareholder of the lender, or a member of the immediate family of an executive officer, director, or principal shareholder of the lender, or an entity controlled by an executive officer, director, principal shareholder, or member of the immediate family.
Subd. 4. Capital access account; account. "Capital access account" or "account" means an account created in the special revenue fund for the purposes of the capital access program.
Subd. 5. Claim. "Claim" means any claim filed by the lender under section 116J.8767.
Subd. 6. Commissioner. "Commissioner" means the commissioner of employment and economic development.
Subd. 6a. Community development venture capital fund. "Community development venture capital fund" means a regional or local venture capital fund that makes equity investments in small or emerging companies and has a financial as well as a social mission.
Subd. 7. Early loan. "Early loan" means an enrolled loan where at the time of enrollment the amount of previously enrolled loans made by the lender under the program was less than $5,000,000.
Subd. 8. Eligible loan. "Eligible loan" means a loan made by the lender to a borrower that meets the requirements of section 116J.8764.
Subd. 9. Enrolled loan. "Enrolled loan" means a loan enrolled by the commissioner under the terms of section 116J.8764.
Subd. 10. Lender. "Lender" means a financial institution as defined in section 13A.01, subdivision 2, that has entered into an agreement with the commissioner to participate in the program.
Subd. 11. Passive real estate ownership. "Passive real estate ownership" means ownership of real estate for the purpose of deriving income from speculation, trade, or rentals, except that the term does not include (1) the ownership of that portion of real estate being used or intended to be used for the operation of the business of the owner of the real estate; or (2) ownership of real estate for the purpose of construction or renovation until the completion of the construction or renovation phase.
Subd. 12. Program. "Program" means the capital access program created by sections 116J.876 to 116J.8769.
Subd. 13. Reserve fund. "Reserve fund" means an administrative account maintained by the commissioner for funds accumulated under an agreement with the commissioner to cover losses sustained by the lender on enrolled loans.
1989 c 335 art 1 s 146; 2001 c 153 s 1; 1Sp2003 c 4 s 1
Structure Minnesota Statutes
Chapters 116J - 116O — Economic Development And Planning
Chapter 116J — Employment And Economic Development
Section 116J.01 — Department Of Employment And Economic Development.
Section 116J.0124 — Plain Language In Written Materials.
Section 116J.0125 — Annual Report To Legislature.
Section 116J.013 — Cost-of-living Study; Annual Report.
Section 116J.014 — Cooperation With Other State Agencies.
Section 116J.03 — Definitions.
Section 116J.035 — Powers Of Commissioner; Rules.
Section 116J.401 — Designation; Duties; Data.
Section 116J.4011 — Labor Market Information Data Production Requirement.
Section 116J.407 — Dairy Modernization.
Section 116J.39 — Office Of Broadband Development.
Section 116J.391 — Coordination Of Broadband Infrastructure Development.
Section 116J.394 — Definitions.
Section 116J.395 — Border-to-border Broadband Development Grant Program.
Section 116J.3951 — Broadband Line Extension Program.
Section 116J.396 — Border-to-border Broadband Fund.
Section 116J.397 — Updated Broadband Deployment Data And Maps.
Section 116J.398 — Broadband Prevailing Wage Exemption.
Section 116J.399 — Broadband Easements.
Section 116J.411 — Definitions.
Section 116J.412 — Account Allocation.
Section 116J.415 — Challenge Grant Program.
Section 116J.417 — Greater Minnesota Child Care Facility Capital Grant Program.
Section 116J.421 — Rural Policy And Development Center.
Section 116J.4221 — Rural Policy And Development Center Fund.
Section 116J.423 — Minnesota 21st Century Fund.
Section 116J.424 — Iron Range Resources And Rehabilitation Contribution.
Section 116J.431 — Greater Minnesota Business Development Public Infrastructure Grant Program.
Section 116J.435 — Innovative Business Development Public Infrastructure Grant Program.
Section 116J.436 — Transportation Economic Development Infrastructure Program.
Section 116J.437 — Coordinating Economic Development And Environmental Policy.
Section 116J.438 — Minnesota Green Enterprise Assistance.
Section 116J.439 — Airport Infrastructure Renewal (air) Grant Program.
Section 116J.548 — Host Community Economic Development Grants.
Section 116J.5491 — Energy Transition Office.
Section 116J.5492 — Energy Transition Advisory Committee.
Section 116J.5493 — Minnesota Energy Transition Plan.
Section 116J.55 — Community Energy Transition Grants.
Section 116J.571 — Creation Of Accounts.
Section 116J.572 — Definitions.
Section 116J.574 — Grant Applications.
Section 116J.5762 — Loan Applications.
Section 116J.5763 — Priorities.
Section 116J.5764 — Loan Terms And Conditions.
Section 116J.5765 — Nonliability.
Section 116J.578 — Bioscience Subsidy.
Section 116J.60 — Promotional Expenses.
Section 116J.617 — Tourism Loan Program.
Section 116J.63 — Sale Of Pamphlets And Publications; Fees; Advertising.
Section 116J.64 — Loans To Indians.
Section 116J.658 — Minnesota Science And Technology Economic Development Project.
Section 116J.871 — Financial Assistance Limitations; Prevailing Wage.
Section 116J.872 — Economic Response Team.
Section 116J.8731 — Minnesota Investment Fund.
Section 116J.8732 — Seed Capital Investment Credit; Commissioner's Responsibilities.
Section 116J.8737 — Small Business Investment Tax Credit.
Section 116J.8738 — Qualified Expansions Of Greater Minnesota Businesses.
Section 116J.8745 — Microenterprise Entrepreneurial Assistance.
Section 116J.8747 — Job Training Program Grant.
Section 116J.8748 — Minnesota Job Creation Fund.
Section 116J.8749 — Main Street Economic Revitalization Program.
Section 116J.551 — Creation Of Accounts.
Section 116J.552 — Definitions.
Section 116J.553 — Grant Applications.
Section 116J.555 — Priorities.
Section 116J.556 — Local Match Requirement.
Section 116J.557 — Cost Recovery Actions.
Section 116J.558 — Effect Of Issuance Of Grants.
Section 116J.66 — Business Assistance.
Section 116J.68 — Bureau Of Small Business.
Section 116J.69 — Uniform Business Licensing Policy.
Section 116J.70 — Definitions.
Section 116J.71 — New Licenses.
Section 116J.72 — Existing Licenses.
Section 116J.73 — Bureau Of Business Licenses; Declaration Of Purpose.
Section 116J.74 — Definitions.
Section 116J.76 — General Functions; Powers And Duties.
Section 116J.77 — Assistance Of Other Agencies.
Section 116J.78 — Comprehensive License Information.
Section 116J.79 — Preapplication Conferences.
Section 116J.80 — Master Application Procedure.
Section 116J.81 — License Coordination And Assistance To Applicants.
Section 116J.82 — Consolidated Hearings.
Section 116J.83 — License Authority Retained.
Section 116J.84 — Services Provided At No Charge.
Section 116J.85 — Federal And Local Government Participation.
Section 116J.86 — Compilation And Maintenance Of Statistical Data.
Section 116J.876 — Definitions.
Section 116J.8761 — Capital Access Program; Creation; Administration.
Section 116J.8762 — Commissioner; Duties.
Section 116J.8763 — Eligible Loans.
Section 116J.8764 — Enrollment Of Loans In Program.
Section 116J.8765 — Reserve Fund; Premiums.
Section 116J.8766 — Claims By Lender To Reserve Fund.
Section 116J.8767 — Subrogation Of Claims.
Section 116J.8768 — Excess Reserve Funds.
Section 116J.8769 — Termination.
Section 116J.8770 — Equity Investments.
Section 116J.881 — Small Business Loan Guarantee Program.
Section 116J.955 — Rural Rehabilitation Revolving Account.
Section 116J.966 — Commissioner's Trade Promotion Duties.
Section 116J.976 — State Approval Of Government Procurement Agreements.
Section 116J.978 — Minnesota Trade Offices In Foreign Markets.
Section 116J.9781 — Invest Minnesota.
Section 116J.979 — Minnesota Step Grants.
Section 116J.980 — Community Development.
Section 116J.982 — Community Development Corporations.
Section 116J.9922 — Central Minnesota Opportunity Grant Program.
Section 116J.9923 — Telecommuter Forward! Certification.
Section 116J.9924 — Targeted Community Capital Project Grant Program.
Section 116J.993 — Definitions.
Section 116J.994 — Regulating Local And State Business Subsidies.
Section 116J.995 — Economic Grants.
Section 116J.996 — Military Reservist Economic Injury And Veteran-owned Small Business Loans.