ST. PAUL, Minn. (FOX 9) - Minnesota lawmakers are preparing for a key vote on a major loan program aimed at helping businesses hit hard by Operation Metro Surge.
$100 million business loan program
What we know:
The proposed fund totals $100 million, with $18 million set aside for Greater Minnesota and the remaining money focused on the seven-county Twin Cities metro area. Businesses would need to prove they lost at least 30% of their business during December, January and February to qualify for the loans. The loans would be forgivable if businesses make on-time repayments for two years in a row.
What we don't know:
It is not yet clear exactly when the full Senate vote will take place or how many businesses might qualify for the program if it is approved.
Metro help vs Greater Minnesota
What they're saying:
Some Republicans questioned why the focus is on metro businesses, while Democrats defended the approach by pointing to past efforts to support businesses across the state.
"That is the history of Minnesota. Why should now be any different? It shouldn't be different," said Sen. Bobby Joe Champion, DFL-Minneapolis.
Republicans also raised concerns about using money from the "Minnesota Forward" account, which was originally intended to help tech companies in the state. Democrats responded that the account is not being used right now, and that loan repayments will help replenish it over time.
The bill’s author highlighted past business support programs, including Duluth disaster assistance in 2012, forgivable loans for remote recreational businesses in Lake of the Woods County in 2021, and reimbursement grants for businesses in the city of Isle after a decline in wildlife on Lake Mille Lacs.
Why you should care:
The debate highlights ongoing questions about how to balance support between Twin Cities metro and Greater Minnesota businesses. Lawmakers from both parties have pointed to the importance of helping all communities recover from economic setbacks.
The bill’s progress shows that lawmakers are actively working to address the needs of businesses that suffered during Operation Metro Surge, while also considering the long-term impact on state funds and priorities.
What's next:
The bill passed out of committee and is now headed to the Senate floor for a full vote.
If the bill passes, businesses impacted by Operation Metro Surge could soon get much-needed financial relief to help them recover from recent losses.
The Source: Information from the Minnesota Senate proceedings.