Overview

Communities Available: Belle Plaine, Elko New Market, Jordan, New Prague, Prior Lake, Savage, Shakopee, Scott County

The 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.

• Eligibility: Funds are awarded to local units of government who provide loans to assist expanding businesses. Cities, counties, townships, and recognized Indian tribal governments are eligible for this fund.
• Project Requirements: All projects must meet minimum criteria for private investment, the number of jobs created or retained, and wages paid. Only one award per state fiscal year may be provided to a government unit. 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).
• Terms and Interest: Terms are for a maximum of 20 years for real estate and a maximum of 10 years for machinery and equipment. Interest rates are negotiated.

For more information, please contact Jo Foust at jfoust@scottfss.org.