Maximum amount of state contributions to cannabis microbusinesses amended, commissioner's deadline to approve loan applications amended, nonprofit corporations allowed to retain loan interest payments to cover expenses, loan interest rates required to be reported, and nonprofit corporations allowed to use contract funds to cover expenses.

HF 2033 amends Minnesota's cannabis microbusiness loan program to increase the maximum state contribution for loans from $50,000 to $75,000 (or $150,000 to $200,000 with matching private investment). It requires the commissioner to approve loan applications within 30 days and allows nonprofit organizations administering these loans to retain interest payments to cover their own operational costs. The bill also mandates biannual public reporting of loan interest rates and permits nonprofits to use contract funds for expenses related to loan servicing. These changes directly affect cannabis microbusinesses seeking capital and the nonprofit lenders managing the state's loan program.