The Minnesota Investment Fund is a program through the state Department of Employment and Economic Development. The program's purpose is to provide grants that create and retain high-quality jobs, with a focus on industrial, manufacturing, and technology-related industries, to increase the local and state tax base and improve the economic vitality for all Minnesota citizens.

 

Grants are awarded to local units of government who provide loans to assist expanding businesses. Loans for land, buildings, infrastructure improvement, equipment, and training to support businesses located or intending to locate in Minnesota are eligible. Working capital, retail business, and industrial park development projects are ineligible. All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. There is a maximum of $500,000 per grant. At least 50 percent of total project costs must be privately financed through owner equity and other lending sources (most applications selected for funding have at least 70 percent private financing). Grant terms are for a maximum of 20 years for real estate and 10 years for machinery and equipment and interest rates are negotiated.

 

Visit www.deed.state.mn.us/programs/mninvestfund.htm for more information.