To be designated as a Job Creation Fund business, a business must, at minimum: • Be engaged in an eligible business activity • Obtain local government support for their project via council resolution • Invest at least $500,000 ($250,000 for Targeted Populations*) in real property improvements within one year of becoming a designated Job Creation Fund business • Create at least 10 (5 for Targeted Populations*) new permanent full-time equivalent jobs within two years of becoming a Job Creation Fund business while maintaining existing employment numbers • Pay at least $17.01 in wages and benefits in 2026, adjusted annually based on 110% of federal poverty guidelines. The level will change again on Jan. 1, 2027. • Have other location options outside of Minnesota • Cause no undue harm to Minnesota business competitors • Certify that the project would not occur without Job Creation Fund assistance Projects that begin prior to becoming designated by DEED are not eligible for the Job Creation Fund. Prevailing Wage Requirements Projects that receive $200,000 or more in Job Creation Fund assistance are subject to prevailing wage requirements. Learn more regarding Prevailing Wage Requirements by reviewing the Prevailing Wage Guide or viewing the MN Department of Labor & Industry (DLI) Prevailing Wage Information.
Minnesota Investment Fund 800-657-3858
This Minnesota Investment Fund (MIF) provides financing to help add new workers and retain high-quality jobs. The program’s focus on industrial, manufacturing and technology-related industries and aims to increase the local and state tax base and improve economic vitality. Eligibility Funds are awarded to local units of government that provide loans to assist expanding businesses. Cities, counties, townships, selected economic development organizations and recognized Indian tribal governments are eligible. Project Requirements All projects must meet minimum criteria for private investment, number of jobs created or retained, and wages paid. At least 50 perent 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).
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