Funding provided for GroundBreak capital access and innovation fund, report required, and money appropriated.

HF 1114 appropriates $50 million from the general fund for the GroundBreak Capital Access and Innovation Fund, managed by the Minneapolis Foundation. It establishes three programs: forgivable startup business loans (up to $50,000) for new Minnesota businesses lacking traditional financing, commercial real estate equity enhancements (up to $250,000) for developments under $10 million, and forgivable down payment assistance loans (up to $25,000) for first-time homebuyers in the seven-county metro area meeting income limits. Loans become fully forgiven after 3 years for businesses (with preference for those hiring employees) and 5 years for homeowners, subject to specific conditions like using funds for approved purposes. The bill directly affects Minnesota-based startups, small commercial developers, and low-income homebuyers, particularly targeting underserved communities through eligibility criteria. Funds are allocated over fiscal years 2026-2029 with annual amounts specified.