Minnesota Investment Fund - Annual Program Summary
Purpose
This program provides financing that creates and retains 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 2006 |
SFY 2007 |
SFY 2008 |
|
| Dollars awarded | $5.8M |
$5.1M |
$5.7M |
| Number of jobs created or retained | 1,262 |
558 |
642 |
Funding Source and Allocation
Funding for this program is from state revolving funds and federal Community Development Block Grant funds.
Statutory Authority
-- Minnesota Statutes, Chapter 116J.8731
Contact Information
Neal Young, Acting Director
Phone: 651.259.7458 or toll-free: 800.657.3858
Website: www.deed.state.mn.us/bizdev/InvFd/
This information current as of January 2009. For more information on DEED programs, see the State of Minnesota budget pages.