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CCP 12-08-2003
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CCP 12-08-2003
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<br />F act Sheet <br /> <br />. <br /> <br />Minnesota Investment Fund <br /> <br />Program Purpose <br />To create new and retain the highest quality jobs possible on a state wide basis with <br />a focus on industrial, manufaeturing and technology related industries; to increase <br />the local and state tax base and improve the economic vitality for all Minnesota <br />citizens. <br /> <br />How It Works <br />Grants are awarded to local units of government who provide loans to assist <br />expanding businesses. <br /> <br />Eligible Applicants <br />Cities, counties, townships and recognized Indian tribal governments. <br /> <br />Minimum Requirements <br />All projects must meet minimum criteria for private investment, number of jobs <br />ereated or retained and wage thresholds. <br /> <br />Eligible Projects: <br />Loans for land, buildings, equipment and training are eligible. Funds may also be <br />used for infrastructure improvements necessary to support businesses located or <br />intending to locate in Minnesota. <br /> <br />. <br /> <br />Ineligible Projects <br />Working capital, retail business and industrial park development. <br /> <br />Maximum Available <br />$500,000. Only one grant per state fiscal year can be awarded to a government unit. <br /> <br />Other Funds Required <br />At least 50% of total project costs must be privately financed through owner equity <br />and other lending sources. Most applications selected for funding have at least 70% <br />private financing. <br /> <br />Interest Rate <br />Negotiated. <br /> <br />Terms <br />Real estate a maximum of 20 years; machinery and equipment a maximum of 10 <br />years. <br /> <br />Collateral Requirements <br />Negotiated. Personal guarantees may be required. <br /> <br />. <br /> <br />Applications Accepted <br />
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