GroundBreak capital access and innovation fund appropriation

SF 1145 appropriates $50 million from the state general fund to create the GroundBreak Capital Access and Innovation Fund, administered by the Minneapolis Foundation. It provides three key programs: forgivable business loans (up to $50,000) for eligible startups lacking traditional bank access, equity enhancements (up to $250,000) for commercial real estate projects under $10 million, and forgivable down payment assistance (up to $25,000) for homebuyers in the seven-county metro area meeting income limits. Eligible recipients include small businesses, developers, and homebuyers who meet specific criteria, such as business location, financial need, and completion of technical assistance. The fund aims to expand access to capital for entrepreneurship, commercial development, and homeownership through forgivable loans forgiven after 3-5 years under defined conditions.