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Business-Financial Assistance-Fact Sheet--Minnesota Investment Fund Page 1 of'Z <br /> Fact Sheet <br /> Minnesota Investment Fund <br /> Program Purpose <br /> To create new and retain the highest quality jobs possible on a state <br /> wide basis with a focus on industrial, manufacturing and technology <br /> related industries; to increase the local and state tax base and improve <br /> the economic vitality for all Minnesota citizens. <br /> How It Works <br /> Grants are awarded to local units of government who provide loans to <br /> assist expanding businesses. <br /> Eligible Applicants <br /> Cities, counties,townships and recognized Indian tribal governments. <br /> Minimum Requirements <br /> All projects must meet minimum criteria for private investment, <br /> number of jobs created or retained and wage thresholds. <br /> Eligible Projects <br /> Loans for land,buildings, equipment and training are eligible. Funds <br /> may also be used for infrastructure improvements necessary to <br /> support businesses located or intending to locate in Minnesota. <br /> Ineligible Projects <br /> Working capital,retail business and industrial park development. <br /> Maximum Available <br /> $500,000. Only one grant per state fiscal year can be awarded to a <br /> government unit. <br /> Other Funds Required <br /> At least 50% of total project costs must be privately financed through <br /> owner equity and other lending sources. Most applications selected <br /> for funding have at least 70%private financing. <br /> Interest Rate <br /> Negotiated. <br /> Terms <br /> Real estate a maximum of 20 years; machinery and equipment a <br /> maximum of 10 years. <br /> Collateral Requirements <br /> Negotiated. Personal guarantees may be required. <br /> Applications Accepted <br /> On a year-round basis using the Business and Community <br /> Development application. <br /> http://www.dted.state.mn.us/0lxO2xOlxO4.asp 11/07/2000 <br />