Minnesota Statutes 473.1425 – Working Capital Fund
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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 49 C.F.R. § 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.
Terms Used In Minnesota Statutes 473.1425
- Contract: A legal written agreement that becomes binding when signed.
- council: means the Metropolitan Council established by section 473. See Minnesota Statutes 473.121
- Metropolitan agency: means the Metropolitan Parks and Open Space Commission, Metropolitan Airports Commission, and Metropolitan Sports Facilities Commission. See Minnesota Statutes 473.121