Minnesota Investment Fund
Available through the State of Minnesota, the Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve economic vitality statewide.
Funds are awarded to local units of government who provide loans to assist expanding businesses.
Projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. At least 50 percent of total project costs must be privately financed through owner equity and other lending sources. There is a maximum of $500,000 per project.
Terms are up to 20 years for real estate and up to 10 years for machinery and equipment. Interest rates are negotiated.
Job Creation Fund
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets.
Companies deemed eligible to participate may receive up to $1 to $2 million for creating or retaining high paying jobs and for constructing or renovating facilities or making other property improvements.
Minnesota Job Skills Partnership
The Minnesota Jobs Skills Partnership (MJSP) Program provides training grants of up to $400,000 to educational institutions that partner with businesses to develop new-job training or retraining for existing employees.
Funds may be used for training-related costs such as curriculum development, instruction, training materials and supplies, training equipment, and instructor travel. A cash or in-kind contribution from the contributing business must match program funds on at least a one-to-one basis. More information is available from the Minnesota Department of Employment and Economic Development.