Minn. R. agency 139, ch. 4370, pt. 4370.0010
The definitions in this part apply to this chapter.
"Annual report" means a description of projects supported by the challenge grant program, an account of loans made during the calendar year, the source and amount of money collected and distributed by the challenge grant program, the program's assets and liabilities, and an explanation of administrative expenses.
"Commissioner" means the commissioner of employment and economic development.
"Economic recovery fund" means the state funded economic development grant program established by Minnesota Statutes, sections 116J.401 to 116J.403, and 116J.873.
"Funding region" means the six rural areas of Minnesota that have boundaries that are coterminous with one or more of the development regions established under Minnesota Statutes, section 462.385. They are identified as follows:
"Grant agreement" means an agreement between the state and a regional organization through which the state provides funds to carry out specified programs, services, or activities.
"Independent annual audit" means a yearly financial compliance audit performed by a certified public accountant in accordance with generally accepted accounting practices and auditing standards.
"Loan limits" means that for businesses the minimum loan is $5,000 and the maximum is $100,000. For local governmental units the minimum is $5,000 and the maximum is $50,000.
"Local governmental unit" means a home rule charter or statutory city when the project is located in an incorporated area, a county when the project is located in an unincorporated area, or an American Indian Tribal Council when the project is located within a federally recognized American Indian Reservation or community.
"Local revolving loan fund" means a revolving loan fund established by a local governmental unit to promote economic development.
"Low income" means income that is equal to or below the nonmetropolitan median household income.
"Minimum interest rate" means the interest rate established by the commissioner that cannot be exceeded but that will ensure coverage of the necessary management costs incurred by the regional organization.
"Private investment" means cash injections from sources other than state, local, or federal government appropriations.
"Regional organization" means a nonprofit corporation selected by the commissioner to receive a challenge grant.
"Regional revolving loan fund" means a commissioner certified revolving loan fund established by a regional organization to provide loans to new and expanding businesses in rural Minnesota to promote economic development.
"Rural" means the area of Minnesota located outside the seven-county metropolitan area as defined by Minnesota Statutes, section 473.121, subdivision 2.
"Rural rehabilitation revolving fund" means the trust fund established in Minnesota Statutes, section 116J.955.
Minn. R. agency 139, ch. 4370, pt. 4370.0010
Statutory Authority: MS s 116N.08