DEED awards $5.4 million for statewide business expansion
ST. PAUL, Minn. -- The Minnesota Department of Employment and Economic Development (DEED) announced that $5.4 million in funding will go to eight businesses with the hope of creating 337 jobs over the next two years.
This new funding comes from the Minnesota Job Creation Fund and Minnesota Investment Fund.
"The Minnesota Investment Fund and Job Creation Fund are crucial to the success of business expansion in Minnesota," Temporary DEED Commissioner Kevin McKinnon said. "The funding announced today will support expansion that further grows Minnesota's economy and makes way for future economic growth as well."
The Job Creation Fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment goals. Eligible companies can receive up to $1 million (and in some cases, up to $2 million) for creating or retaining high-paying jobs, constructing/renovating facilities or making property improvements.
The Minnesota Investment Fund provides financial assistance and support so businesses can hire new employees and retain high-quality jobs that have a particular focus on industrial, manufacturing, and technology-related industries.
The goal with this award is to increase the local and state tax base and improve Minnesota's economic vitality.
The eight businesses that have received this award are Advanced Interconnect Technologies LLC (St. Cloud), Altoz, Inc. (Red Lake Falls), Clow Stamping Company, Inc. (Merrifield), Gordini USA Inc. (North Mankato), Massman Companies (Alexandria), Nextern Inc. (Maple Grove), Nucleus Labs INC (Rochester), and SCR Solutions Inc. (Fergus Falls).