Available through the State of Minnesota, the Minnesota Investment Fund (MIF) provides financing to help add new workers and retain high quality jobs. The focus is on industrial, manufacturing, and technology related industries to increase the local and state tax base and improve economic vitality statewide.
Funds are awarded to local units of government who provide loans to assist expanding businesses. Projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. At least 50% of the total project costs must be privately financed through owner equity and other lending sources. There is a maximum of $500,000 per project.
Terms are up to 20 years for real estate and up to 10 years for machinery and equipment. Interest rates are negotiable and can be refunded back to the project by the City of Blaine. For information visit the fund's website.
Minnesota job Creation Fund
The job creation fund provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 to $2 million for creating or retaining high paying jobs and for constructing or renovating facilities or making other property improvements. For information visit the fund's website.