Business & Industry Guaranteed Loan The U.S. Department of Agriculture is a federal agency that creates Rural Development Programs that encourage economic development in rural areas. USDA provides funding opportunities for rural small businesses through loans, loan guarantees, and grants. A list of USDA Rural Development Field offices can be found in the Government, Federal section of the Resource Directory of this Guide.
PUBLIC SOURCES OF FINANCING / TAX CREDITS – STATE PROGRAMS
Under State legislation (Minn. Stat. § 116J.993 -.995), business receiving a “business subsidy” will be required, among other things, to enter into a “business subsidy agreement” that will include goals for wages and jobs to be offered and paid by that business. If those goals are not met within a certain period of time, in almost all cases the business will be required to repay the amount of the subsidy, plus interest.
MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT
Minnesota Department of Employment and Economic Development (DEED) 180 East 5th Street, Suite 1200 St. Paul, MN 5510-1678 651-259-7114 800-657-3858 Funding Options for Startups and Small Businesses Search Potential Funding Options - Business funding matrix tool Startup and Small Business Resources
Minnesota Job Creation Fund 651-259-7483 800-657-3858
The Minnesota Job Creation Fund (JCF) program 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 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. For extremely large projects, companies may be eligible to receive up to $2 million. The size of an award depends on variety of factors including (but not limited to) Minnesota’s competitiveness, local economic conditions, job creation, wage levels and capital expenditures. Expenditures and hiring related to the JCF assistance may not occur until funding has been formally approved. Eligibility T he program is available to businesses engaged in select industries including manufacturing, warehousing, distribution and technology-related industries, among others. Local government must support an application submitted by the expanding business.
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