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HF 1114

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

2025-2026 Regular Session Introduced by Esther Agbaje and 10 co-sponsors

HF 1114 creates and funds the GroundBreak capital access and innovation fund to improve startup financing access and requires a formal report on the fund’s performance and impact.

Author added Kraft
#employmentandeconomicdevelopmentdepartment
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Bill Summary · HF 1114

Summary of HF 1114 (2025-2026 Session, Minnesota)

Purpose and Intent

HF 1114 aims to support the GroundBreak capital access and innovation fund by providing funding, establishing reporting requirements, and detailing appropriations. The bill seeks to advance capital access for startups and innovative ventures, with a focus on reducing barriers to financing, fostering entrepreneurship, and stimulating economic development through targeted funding mechanisms.

Key Provisions and Changes

  • Funding and Appropriation

    • Allocates money for the GroundBreak capital access and innovation fund.
    • Specifies amounts to be appropriated (exact dollar figures not provided in the available text; the bill designates an appropriation for the fund).

  • GroundBreak Capital Access and Innovation Fund

    • Establishes or continues a dedicated fund named the GroundBreak capital access and innovation fund.
    • The fund is intended to support financing mechanisms, enabling startups and innovative Minnesota-based ventures to access capital more readily.

  • Reporting Requirements

    • Requires a formal report related to the fund and its activities.
    • The report likely covers fund performance, disbursements, outcomes, and metrics to assess impact (specific reporting elements are not enumerated in the provided text, but typical reporting would include investments made, jobs created, and return on investment).

Who Would Be Affected

  • Entrepreneurs and Startups: Particularly those in early stages seeking capital for innovative projects and growth.
  • Investors and Financial Platforms: Entities participating in GroundBreak fund activities, including lenders, venture funds, and program administrators.
  • Minnesota Economy and Regions: Communities benefiting from increased access to capital, potentially leading to business formation, expansion, and job creation.
  • State Agencies and Oversight Bodies: Responsible for administering the fund, disbursing appropriations, and compiling required reports.

Procedural and Timeline Aspects

  • Introduction and Readings

    • Introduced February 19, 2025.
    • Referred to the House committees: Workforce, Labor, and Economic Development Finance and Policy (initial stage for bill review and amendments).

  • Sponsor and Co-sponsors

    • Primary author and multiple co-sponsors including Katie Jones, Mary Clardy, Samakab Hussein, Cedrick Frazier, Samantha Vang, Samantha Sencer-Mura, Mike Howard, Bianca Virnig, Larry Kraft, Esther Agbaje, and Liz Lee.
    • Additional authors over time (e.g., Kraft added February 17, 2026) reflect ongoing legislative sponsorship efforts.

  • Next Steps (Typical)

    • Committee hearings and votes in the designated committee(s).
    • Potential amendments before advancing to the full House for consideration.
    • If passed, the bill would move to the Senate and follow a parallel process.

Notes and Considerations

  • The provided information does not include exact dollar amounts, funding сроки, or specific performance metrics required in the report. For a complete understanding, it would be necessary to review the bill’s text to extract:
    • The precise appropriation amount(s) and funding duration.
    • The governance structure of the GroundBreak fund (administrative body, eligible entities, eligibility criteria, investment limits).
    • Specific reporting elements (data points, frequency, and recipients of the report).
    • Any sunset clauses, accountability provisions, or matching funds requirements.

If you’d like, I can pull the full text of HF 1114 to extract exact figures, timelines, and report specifications for a more granular, line-by-line summary.

Compiled from official sources — confirm details with the bill’s official record.

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