The Metropolitan Council or a metropolitan agency defined in section 473.121, subdivision 5a , to the extent allowed by other law or contract, may grant available money that has been appropriated for socially or economically disadvantaged business programs to a guaranty fund administered by a nonprofit organization that makes or guarantees working capital loans to businesses owned and operated by a socially and economically disadvantaged individual as defined in Code of Federal Regulations, title 49, section 26.5. The purpose of loans made or guaranteed by the organization must be to provide short-term working capital to enable eligible businesses to participate in contracts for goods and services or for construction related services from government agencies.
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