2005 Minnesota Statutes - 473.1425 — Working capital fund.

     473.1425 Working capital fund. 


    The Metropolitan Council or a metropolitan agency defined 
 in section 473.121, subdivision 5a, to the extent allowed by 
 other law or contract, may grant available money that has been 
 appropriated for socially or economically disadvantaged business 
 programs to a guaranty fund administered by a nonprofit 
 organization that makes or guarantees working capital loans to 
 businesses owned and operated by socially or economically 
 disadvantaged persons as defined in Code of Federal Regulations, 
 title 49, section 23.5.  The purpose of loans made or guaranteed 
 by the organization must be to provide short-term working 
 capital to enable eligible businesses to be awarded contracts 
 for goods and services or for construction related services from 
 government agencies. 


    HIST: 1989 c 320 s 2