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To create new and retain the highest quality jobs possible on a state wide 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. Loans for land, buildings, equipment and training are eligible. Funds may also be used for infrastructure improvements necessary to support businesses located or intending to locate in Minnesota.
| Term | Fees | Interest |
|---|---|---|
| Real estate a maximum of 20 years; machinery and equipment a maximum of 10 years. | Negotiated | Negotiated |
| Interest Type | Amount |
|---|---|
| Negotiated | $500,000 |
Cities, counties, townships and recognized Indian tribal governments. Minimum Requirements. All projects must meet minimum criteria for private investment, number of jobs created or retained and wage thresholds. Other Funds Required. At least 50% of total project costs must be privately financed through owner equity and other lending sources. Most applications selected for funding have at least 70% private financing.