Minnesota Investment Fund - Annual Program Summary
Purpose
This program provides grants that create and retain high-quality jobs on a statewide basis, 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.
Customers and Services
Grants are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships, and recognized Indian tribal governments are eligible.
Loans for land, buildings, infrastructure improvement, equipment, and renovation 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.
Measures - Reporting period is state fiscal year (SFY), July 1 - June 30
SFY 2005 |
SFY 2006 |
SFY 2007 |
|
| Dollars awarded | $5.8M |
$5.8M |
$5.1M |
| Number of jobs created or retained | 985 |
1,262 |
558 |
Funding Source and Allocation
Funding for this program is from state revolving funds.
Statutory Authority
-- Minnesota Statutes, Chapter 116J.8731
Contact Information
Bruce Strong, Director
Phone: 651.259.7458 or toll-free: 800.657.3858
E-mail:
Bruce.Strong@state.mn.us
Website: www.deed.state.mn.us/bizdev/InvFd/
This information current as of January 2008. For more information on DEED programs, see the State of Minnesota budget pages.