Minnesota Investment Fund (State) Director of Business Development at DEED

Financing

Services: Incentive and Financial Resource Programs

Contact: Catalina Valencia

Address: 1st National Bank Building 332 Minnesota Street, Suite E200, St. Paul, MN 55101-1351

Phone: 651.259.7493

Email: catalina.valencia@state.mn.us

Description:

The Minnesota Investment Fund provides grants to help add new workers and retain high-quality jobs on a statewide basis. The focus is on industrial, manufacturing, and technology-related industries to increase the local and state tax base and improve the economic vitality for all Minnesota citizens.

Loan Amounts
There is a maximum of $500,000 per grant.

Eligible Applicants
Cities, counties, townships and recognized Indian tribal governments are eligible for this fund.

Other Funding Required
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).

Other Special Requirements
Only one grant per state fiscal year can be awarded to a government unit.

Allowable Use of Proceeds
All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid.

Term of Loan
Grant terms are for a maximum of 20 years for real estate and 10 years for machinery and equipment.

Interest Rate
Interest rates are negotiated.

Applications, using the Pre-Application found at http://www.deed.state.mn.us/PreApplication/, are accepted on a year-round basis.

Minnesota Investment Fund (State) serves the Northland, Arrowhead, Duluth MN Superior WI MSA, Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis county areas.