Minnesota Investment Fund
Department of Employment and Economic Development
- Contact: Region 7W
Benton, Sherburne, Stearns, Wright counties
Purpose of MIFThe Minnesota Investment Fund provides financing 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 economic vitality statewide.
Project RequirementsAll projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. 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).
EligibilityCompanies must work with the local government (city, county or township) where a project is located to apply to DEED to receive a MIF award. To receive a MIF loan, a business must, at minimum meet the following requirements:
- Be engaged in an eligible business activity
- Certify that funds will not be used for the operation, construction or expansion of a casino, a sport facility that has a professional sports team as a principal tenant or any firm engaged in retailing merchandise
- Obtain local government support for their project via council resolution
- Match any MIF from private funds or financing
- Be in financial position to repay the loan
- Meet minimum wage requirements for new Twin Cities jobs or for new Greater Minnesota jobs
- Commit to meeting minimum levels of private investment, job creation/retention, and wage benefits within 2 years
- Have other location options outside of Minnesota
- Cause no undue harm to Minnesota business competitors
- Certify that the project would not occur without MIF assistance
- Certify that the project has not yet started (i.e., no building permits, bids, construction, equipment purchases).
The size of an award depends on variety of factors including (but not limited to) Minnesota’s competitiveness, local economic conditions, job creation and wage levels. All expenditures and hiring related to the MIF assistance may not occur until funding has been formally approved.