Small Business Capital Access Task Force
Active dates:2011-2012
Authority:
Governor Mark Dayton
Function: The task force was charged with making practical, prudent recommendations to the Governor to improve the flow of investment capital and credit to small businesses and to recommend other financial strategies for facilitating job retention in Minnesota.
History:
"Two issues led to the formation of Governor Dayton’s Small Business Capital Access Task Force. The first is the governor’s goal of putting Minnesotans back to work. The second is a concern raised repeatedly by small business - that investment capital and credit are more difficult to obtain and their unavailability is a significant constraint to business expansion and job growth." (From: Governor Dayton’s Small Business Capital Access Task Force: Final Report to the Governor (2011)).
Tom Borman, founder and owner of Tradition Capital Bank in Edina, was picked by Dayton to chair the Task Force.
One of the recommendations of the Governor’s Small Business Capital Access Task Force was to created a Small Business/Banking Partnership. The Minnesota Small Business/Banking Partnership will be established by doubling in size a current program to make funds available to qualifying Minnesota banks for direct lending to job creators. Administered through the Minnesota State Board of Investment, approximately $100 million to $200 million will be deposited in Minnesota’s community banks for lending to their customers - principally small businesses throughout the state. The intent of the lending is to help to grow revenues, add jobs, and increase Minnesota’s tax base.
Membership:
In assembling the task force, members were invited to participate from each of the areas that fund, lend to, or otherwise impact small business: namely, venture, community banking, small business lending, private equity, government, nonprofits, community development lending and taxation.
Please see the Appendix on page 35 of the Final Report for list of members.
Agency heads:
Chair: Tom Borman
Note: The Legislative Reference Library may have additional reports on or by this group available through our catalog.
Documents/Articles:
News clippings and documents. Agencies Notebook Collection, 2012.
Record last updated:
02/07/2012
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